Wednesday 6 July 2011

Detail soon on clean energy bid

Courier Mail
29 June 2011, Page: 46

GeoDynamics says detail about a major push in the year ahead on its flagship, zero emissions power project should be finalised next month. It also said the work program would be funded by existing cash resources, grant funding and its balance sheet, noting its current cash balance was $29.1 million. The Australian Stock Exchange had queried the Brisbane based company about any undisclosed information that could explain a drop in its stock price. After the company's statement, the stock surged to close up 7% at 15¢.

GeoDynamics said it was unaware of any such undisclosed information but that a review of its Innamincka Deeps joint venture forward work program with partner Origin Energy was advanced. The project aims to use GeoDynamics' world first technology to produce zero emissions, 24 hour electricity using underground heat sources. A 2009 well blowout delayed a final investment decision on a 25 MW commercial scale plant until 2013. The total market value of Australia's 81 listed clean energy and technology stocks has tumbled to $9.5 billion as of last month, from $10.3 billion a year earlier.

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