Greenearth Energy releases Annual Report

Alexander Richter 27 Sep 2009

In its annual report released this week, Australian Greenearth Energy provides details about its activities and financial status, including details on its projects in Australia, but also Indonesia.

In its annual report released this week, Australian Greenearth Energy provides details about its activities and financial status.

During the 12 months to 30 June 2009, the Company made significant and substantial progress across its three domestic Geothermal Exploration Permit (GEP) areas as well as strategically from a technology innovation perspective and Internationally.

September 2008 commenced with the appointment of a new Managing Director and the move to new premises followed by the Bellarine Peninsula (GEP10) Magnetotelluric (MT) survey commencing in early November. Later the same month Greenearth Energy Limited in collaboration with the University of Auckland commenced a Micro Earthquake (MEQ) Monitoring pilot trial in the Lakes Oil N.L. Loy Yang-2 well onshore Gippsland (GEP13).

December 2008 represented a milestone for the Geothermal Energy Industry in Australia with Greenearth Energy Ltd., publishing Victoria’s first statement of Inferred Geothermal Resource for the Anglesea area (GEP10).

For the full release use the link provided below. The following points have been taken out by me to show some things that I think could be highlighted.

The company published a second Victorian Inferred Resource statement (5 January, 2009) for the onshore Gippsland Wombat field area. Both inferred geothermal resource estimates led to the company applying for two grants under the Federal Governments Geothermal Drilling Program (GDP).

The company signed an agreement with Pacific Heat and Power (PHP) which established Greenearth Energy Ltd., as a key shareholder. PHP provide technology solutions to customers that deliver increased energy productivity and reliability, operational savings and lower greenhouse gas emissions. Utilisation of waste heat from industrial processes is emerging as a key market focus for PHP going forward.

In April 2009 Greenearth Energy Ltd, by way of its 100% wholly owned subsidiary Greenearth Power Pty Ltd, and in partnership with Melbourne based Geo Energy Pty Ltd, North American based International Investment Resources LLC and Indonesia Santini Group established Jakarta based, Indonesian geothermal exploration and development entity, PT Geo Power Indonesia. Greenearth Power Pty Ltd’s initial holding in PT Geo Power Indonesia is 40% with the balance split equally between the partner companies. PT Geo Power Indonesia’s mission is to establish a suite of geothermal exploration and development opportunities across the Indonesian archipelago. PT Geo Power Indonesia is assessing several potential downstream geothermal development opportunities, that if commercially and technically viable will be the subject of further future announcements.

In May 2009 the company applied for funding under the Federal Government’s Renewable Energy Demonstration Program (REDP) for their Geelong Region 10.7MW Hot Sedimentary Aquifer (HSA) Geothermal Demonstration Project.

Greenearth Energy Ltd and RMIT University confirmed their research partnership aimed at generating electricity and drinking water from geothermal resources. An Australian Research Council (ARC) grant has been offered to Greenearth Energy Ltd and RMIT University for the development of this exciting new energy technology.

Greenearth Energy Ltd has been notified by the Federal Government that its second round application to the GDP has met all required initial assessment criteria and will undergo a full assessment. GDP grants are expected to be announced mid November 2009.

The company ended the reporting period holding $5.4 million in cash.

Substential shareholders in the company are Lakes Oil N.L., Wasabi Energy Limited and Victoria Petroleum NL. Interesting is here the holding of Wasabi Energy in Greenearth Energy. Global Geothermal Ltd, owned 70% by Wasabi (and 30% by AMP) holds the control of the intellectual property associated with the Kalina Power Cycle, a binary process technology utilizing lower temperature resources for electricity generation.

Source: Annual Report via The Age