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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Geodynamics Limited       AU000000GDY4

GEODYNAMICS LIMITED

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Geodynamics Limited : Habanero 4 drilling progress

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06/06/2012 | 03:35am EDT
GEODYNAMICS

L I M I T E D

ASX ANNOUNCEMENT 6 JUNE 2012 Innamincka Deeps Joint Venture Habanero 4 drilling progress

ABN 55 095 006 090

Geodynamics Limited (ASX: GDY), operator of the Innamincka Deeps Joint Venture, is pleased to report that drilling continues in the 311mm (12 ¼") section and is currently at a depth of 3,570 m.

Drilling progress remains in line with pre-drill plans. Average daily rates have slowed as we have entered the Patchawarra and Tirrawarra Formations which consist of hard, recrystallised sandstones, siltstones and interbedded coal seams of Early Permian age.

Since the last update, the well has progressed 200 m (from 3,370 m to 3,570 m) and has also pulled out of the hole to undertake required routine testing of the Blow Out Preventer (BOP) equipment and inspect the drill bit and bottom hole assembly (BHA).

For further information, please check our website (www.geodynamics.com.au) or contact Mr Geoff Ward on + 61 7 3721 7500. Media and investor inquiries may also be directed to Meredith Bird, Corporate Affairs Manager on +61 7 3721 7581.

Geoff Ward Chief Executive Officer and Managing Director - ends - About Innamincka 'Deeps' Joint Venture

Participants in the Innamincka 'Deeps' Joint Venture, which focuses on higher temperature Enhanced

Geothermal Systems (EGS) greater than 3,500 m depth are: Geodynamics Limited (Operator) - 70%

Origin Energy Geothermal Pty Ltd* - 30%

*A wholly owned subsidiary of Origin Energy Limited (ASX: ORG)

About Geodynamics

Geodynamics is the leading Australian geothermal exploration and development company. Geodynamics possesses some of the best geothermal resources in the world and is rapidly developing technology to exploit the resource. Geothermal energy has the potential to be a critical element of Australia's future power generation and Geodynamics is at the forefront of development.

About geothermal energy

HEAD OFFICE: LEVEL 3 19 LANG PARADE PO BOX 2046 MILTON QUEENSLAND 4064 AUSTRALIA TEL +61 7 3721 7500 FAX +61 7 3721 7599 EMAIL info@geodynamics.com.au

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Geothermal energy offers the prospect of zero carbon, base-load energy generation. "Zero carbon" means that no carbon dioxide (CO2) will be emitted when generating energy. This is different from some other forms of 'renewable' energy, which still result in significant CO2 emissions. "Base-load" means that power is available 24 hours a day, 7 days a week, all year round, and therefore can be used to meet energy needs at any time. This is a significant advantage compared to a number of other zero-carbon technologies that are more intermittent (such as wind, wave and solar power).
Geothermal energy produced from hot fractured rocks, also known as Engineered or Enhanced Geothermal Systems (EGS), is generated by special high heat producing granites located 3km or more below the Earth's surface. The heat inside these granites is trapped by overlying rocks which act as an insulating blanket. The heat is extracted from these granites by pumping water through fractures in the granite and bringing the hot water to surface. Geodynamics believes that energy produced using EGS technology is capable of generating base-load power at a cost that will be very competitive with other energy sources (both low carbon and otherwise).

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Managers
NameTitle
Craig Steven Ricato Chief Executive Officer & Managing Director
Steven McLean Non-Executive Chairman
Warren Leitao Chief Operating Officer
Damian Galvin Chief Financial Officer & Secretary
Richard Brimblecombe Non-Executive Director
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