Torrens Energy eyeing AU$7 million government drilling grant
Torrens Energy says it is well positioned to win up to AU$7 million in funding under the Federal Government’s Geothermal Drilling Program. The explorer has submitted a drill-ready target for proof-of-concept matched funding at its Parachilna Geothermal Play in South Australia.
In a recent release, Australian “Torrens Energy says it is well positioned to win up to $7 million in funding under the Federal Government’s Geothermal Drilling Program.
The explorer has submitted a drill-ready target for proof-of-concept matched funding at its Parachilna Geothermal Play in South Australia. The application will now undergo a full merit assessment, with a final decision likely around mid-November.
The exploration work so far has established that heat flows at Parachilna are very high, executive director John Canaris said.
“The resulting modelled temperatures at Parachilna are excellent (+200C at 4000m), and represent the highest modelled temperatures for any EGS (enhanced geothermal system) project located on the electricity grid in Australia,” Mr Canaris said.
Torrens Energy has a signed a Geothermal Alliance Agreement with AGL Energy for the project.”These factors combine to position Torrens Energy well for outcomes in respect of the Round 2 determinations,” the company said.
The company received a AU$3 million Renewable Energy Development Initiative grant in 2007.
Source: Adelaide Now