Adelaide Advertiser
29 July 2011, Page: 69
HOT rocks explorer GeoDynamics had $29.1 million in cash reserves at the end of the June quarter, it informed shareholders yesterday. The company last month reassured investors about its strong balance sheet-and access to the Federal Government's $90 million Renewable Energy Demonstration Program-to deliver value despite falling share prices.
Chief executive Geoff Ward this month said the company would be a "big winner" from the program, which would deliver benefits for the company's "long suffering shareholders". GeoDynamics is focusing on its 1 MW pilot plant at Innamincka to demonstrate the first power produced from an enhanced geothermal system early next year.
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