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Green Rock Energy updates on Hungary and other projects

Australian Green Rock Energy (ASX:GRK) just gave out a quarterly activities report. In it the company gives an update on its focus, its Olympic Dam and the Perth Basin projects, as well as on the involvement in Hungary.

Australian Green Rock Energy (ASX:GRK) just gave out a quarterly activities report. In it the company gives an update on its focus, its Olympic Dam and the Perth Basin projects, as well as on the involvement in Hungary.

As all companies in the sector are being affected by the world’s financial turmoil, Green Rock Energy has also taken measures to conserve existing funds by reducing expenditure and focus on certain activities. Those activities, so the company, are “its key projects at Olympic Dam, the Perth Basin and in Hungary where there are the best prospects to achieve commercial production in reasonable time frame.”

Regarding the Hungarian involvement of the company, “Green Rock Energy and MOL Plc entered into an agreement with (Icelandic) Enex to purchase Enex’s one third interest in the new company, Central European Geothermal Energy Private Company Ltd. (CEGE), for its nominal book value. This project, blogged about earlier, aims at developing “geothermal energy resources in Hungary where there is excellent geothermal energy potential.” Green Rock and MOL hold now both a 50 percent stake in CEGE.

The opportunity to increase its stake in the company evolved from the financial market issues and Enex disposing of its geothermal assets worldwide.

The company also announced that the granting of exploration permits for the Perth Basin are still pending, but the company is “the preferred applicant for three permit areas on its own and for 12 permit areas in joint venture with other parties.”

Source: Company quarterly statement

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