Thursday, 19 May 2011

Two firms join forces in geothermal push

Adelaide Advertiser
12 May 2011, Page: 48

Geothermal explorer Green Rock Energy and Pacific Hydro are in talks to jointly advance potential power projects in SA and Western Australia. Both the companies own a number of geothermal licences in the South Australian part of the Great Artesian Basin and North Perth Basin in WA, and are looking for a drilling investor.

Green Rock Energy, which also owns geothermal licences within the Olympic Dam expansion area, will drive exploration and identify drilling targets for a potential investor to establish a resource potential. Pacific Hydro will then apply its technical and commercial expertise in building and assessing the economic feasibility of power plants.

Initial power projects of at least 25 MW are contemplated in both the North Perth Basin and the Great Artesian Basin. Pacific Hydro owns more than $1 billion worth of solar PV, geothermal, hydropower and wind power projects in Australia Green Rock Energy managing director Richard Beresford said the possible partnership would underline the potential of the geothermal resource in the two basins.

"Both parties have already done a lot of work in the licences that they own", Mr Beresford said. "We now look forward to applying relevant expertise to jointly progress the potential of these projects". Green Rock Energy is leading the marketing of the projects on an equal footing to potential upstream drilling investors.