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Friday 5/12/2008 Page: 4
GREENEARTH Energy has announced a potential geothermal resource large enough to produce 150 times Victoria's energy requirements. In a statement to the Australian Securities Exchange, Greenearth Energy said it had an inferred geothermal resource of 260,000 petajoules. While the resource still needs to be proved, it is encouraging for Victoria's geothermal prospects. Geothermal energy is generated by pouring water down a drilled hole and over hot rocks. The process creates steam, which is brought to the surface and put through a generator.
Greenearth Energy's managing director, Mark Miller, said the discovery was "a major step forward" in creating base-load, emissions-free energy. He said it represents a significant, long-term, renewable energy proposition that demands development. Greenearth Energy will now apply for a licence to drill further and seek funding from the Victorian Government. Shares were unchanged at 10¢.
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