Adelaide Advertiser
Wednesday 1/4/2009 Page: 56
HOT rocks explorer GeoDynamics has successfully proved its ability to extract heat from hydraulically stimulated hot fractured rock to create power. The completion of proof of concept, which was validated by U.S.-based independent expert GeothermEx, marks the end of Stage 1 of GeoDynamics' business program in the Cooper Basin.
It comes after the completion of the closed loop test at the Habanero project. GeoDynamics will now move forward with plans to develop a commercial demonstration plant in line with stage 2 of its business plan. Shares surged 10.5% , or 11.5c, to $1.21.
The proof of concept was key to its application for funding from the Federal Government's $500 million Renewable Energy Development Program, which must be submitted by mid April The company had demonstrated resource definition, ability to drill and complete wells, hydraulically stimulate fractures and develop a substantial reservoir volume, managing director Gerry Grove-White said.
"Commercial demonstration will, among other things, focus on improved drilling performance and well costs," he said. Modelling of wells theoretically located at the extremities of the Habanero stimulated zone showed that the wells were capable of extracting more than 40MW of thermal energy for more than 20 years, he said.
GeoDynamics plans to build Australia's first commercial-scale geothermal power plant and have it operating by 2012. GeoDynamics is also close to commissioning its 1MW pilot plant and, together with joint venture partner Origin Energy, expects to supply electricity to Innamincka by mid this year. "The famous Innamincka Hotel will soon be serving icy-cold beer chilled using hot rock geothermal energy," Mr Grove-White said.
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