[LINK] Off-topic for Link, but seems good news ..
Wed, 11 Sep 2002 21:37:32 +1000
An Australian Stock Exchange announcement at 4.35pm today.
This hasn't got a lot to do with the Internet, but this new scheme
may tap into sufficient thermal energy, which, when converted into
electricity, can supply all of Australia's electricity needs for 75 years.
And ... with *zero* greenhouse gas emissions.
The ANU have a slice of it. It would appear a smart move to me.
(Note: I have no connection with this company at all, and I'm not
offering investment advice; am simply another planet-earth citizen.
So, perhaps we could sign Kyoto a lot sooner than we expected)
* First listed company to acquire geothermal energy licences under
pioneering legislation in South Australia.
* Resource potential with heat equivalent to 50 billion barrels of oil.
* HDR geothermal electricity can operate on 24 / 7 basis with zero
emissions of greenhouse gases.
* Mobilisation to site for field work within 2 months.
* Approximately 800 shareholders following IPO.
HDR GEOTHERMAL ELECTRICITY
Geodynamics Limited (ASX code: GDY) is now preparing Stage One
of its hot dry rock (HDR) geothermal electricity project. This is the first
step of Geodynamics' overall vision of becoming the largest renewable
electricity producer in Australia.
The projected all-up costs of producing HDR geothermal electricity
from Geodynamics' high temperature tenements is estimated to be lower
than hydro, wind, biomass or solar alternatives. In addition, unlike
many other renewable sources, HDR electricity can operate on a 24
hour per day, 7 day per week basis and therefore provide electricity
to higher revenue base-load customers.
Geodynamics is taking advantage of three factors that have only come
1. IDENTIFICATION OF THE WORLD CLASS ENERGY
RESOURCES IN THE COOPER BASIN.
The core resource for HDR geothermal energy is naturally occurring
heat within buried granitic rocks. Recovery of electricity from HDR
geothermal sources is effectively a heat transfer process with zero
emissions, unlike fossil fuels such as oil, coal or gas that rely on
the burning of carbon to liberate heat.
Oil and gas drilling in the Cooper Basin over the past thirty years
discovered Geodynamics' HDR energy resource. The availability of
information from five wells and gravity and seismic data has provided
Geodynamics with approximately $20 million of data on the granite and
its temperature. The drilling located massive granite rocks at depths
of approximately 3,500 metres along with extremely high temperatures
of 232 to 245 degrees Celsius near the top of the granite. These
temperatures were noted then as amongst the highest in the world at
this depth. Even higher temperatures will be experienced deeper in
The Australian energy market has only just begun to realise the scale
and potential environmental advantages of this energy source.
2. TITLE TO RESOURCE OWNED BY GEODYNAMICS
In a pioneering move to accelerate the development of the Cooper
Basin HDR resource, the South Australian Government offered
Geothermal Exploration Licences for the first time in early 2001.
Geodynamics was successful in acquiring one block (GEL 98) in that
competitive tender. Since then, Geodynamics has alsoacquired the
adjacent block (GEL 97).
These two tenements cover an area of 985 square kilometres. The
contained heat (thermal) energy is enormous. Geodynamics estimates
that the stored thermal energy within an accessible 1000 m thick slab
of granite within GEL's 97 and 98 is equivalent to 50 billion barrels
of oil. By comparison, the proved oil reserves in the USA are
estimated at approximately 30 billion barrels, and for Australia, 3
To put this into perspective, this amount of thermal energy could,
when converted into electricity, supply 100% of Australia's
electricity needs for 75 years.
3. NEW FINANCIAL INCENTIVES FOR RENEWABLE ENERGY
The Australian Federal Government, like many other Governments in
developed countries is providing financial incentives for greenhouse
gas friendly sources of electricity. HDR geothermal energy meets the
requirements of the Renewable Energy (Electricity) Act 2000...
As an illustration of the attractiveness of Geodynamics project, the
Cooper Basin has a granite temperature of 250 degrees C or more
at 4,000 metres depth compared with the European Union HDR
project in France of only 170 degrees C.
SHARE HOLDING OF GEODYNAMICS
Following the IPO, Geodynamics has approximately 800 shareholders.
The five largest shareholders are:
CVC REEF Limited 8.4%
The Australian National University 7.9%
Commonwealth Custodial Services 3.0%
RBC Global Services Australia 1.5%
The process of testing and developing the HDR resource in the Cooper
Basin will commence immediately. The first step is drilling of
Geodynamics #1 well, located approximately 8 km south of Innamincka.
The drilling contract is now being finalised with mobilisation
planned within 2 months.
B de Graaf
Contact 07 3876 8955 or 0417 767 277
For Link list information see http://sunsite.anu.edu.au/link/