Torrens Energy acquires new exploration license in South Australia

In an announcement, Australian “geothermal energy company Torrens Energy (ASX: TEY) says it has progressed its land acquisition strategy further with the granting of GEL 559 at Mulgaria in the Torrens Project Area of South Australia.

The acquisition brings the company’s extensive landholding to 13,846km2, representing the largest geothermal licence holding in the state.

The new Mulgaria Project Area captures the northern extension of the geology hosting the Parachilna Geothermal Play, the company’s most advanced project containing Australia’s largest code compliant geothermal resource of 780,000PJ.

Drilling at Parachilna since 2007 has established the highest recorded heat flows and modelled temperatures on the grid in Australia, located proximal to the National Electricity Market (NEM).

GEL 559 is situated within the highly prospective Torrens Hinge Zone (THZ), covering a section of thermally anomalous basement geology. It is interpreted as being overlain by a thick sequence of insulating sediments, effectively de-risking this highly prospective geothermal prospect.

Torrens Energy has also implemented recent changes to the Petroleum and Geothermal Energy Act 2000, allowing the consolidation of its existing GELs providing a substantial cost and administrative saving.”

Source: Company release via Proactive Investors