Hot Rock in discussion with potential equity investors

Hot Rock in discussion with potential equity investors Limestone Coast, South Australia (source: flickr/ Kate's Photo Diary, creative commons)
Alexander Richter 16 Aug 2010

Australian Hot Rock Ltd. is continuing discussions about farm-ins and equity investments, but none are concluded as it stands, so a recent release by the company.

In a release, “Hot Rock (ASX: HRL) responds to media speculation of investors taking equity stakes or a farm-in to the company’s projects, with a statement that the company continues to hold discussions regarding farm-ins and equity investments but at this stage the discussions remain incomplete.

HRL is focussing on the commercially proven Hot Sedimentary Aquifer and Volcanic Geothermal type projects in its quest to become a supplier of geothermal power.

In Australia, the company is focused on developing HSA projects in its large Otway Basin tenements, south west Victoria. On the 14th December 2009, HRL was offered a Geothermal Drilling Program (GDP) grant for AU$7million from the Australian government.

However, the company’s South American assets are not without upside, given attractive regulatory environments and market conditions, with the lodgement of exploration applications covering exciting volcanic prospects in Chile and Peru.”

Source: Proactive Investors