L I M I T E D
ASX ANNOUNCEMENT 26 APRIL 2012 Innamincka Deeps Joint Venture Habanero 4 drilling progressABN 55 095 006 090
Geodynamics Limited (ASX: GDY), operator of the Innamincka Deeps Joint Venture, is pleased to advise that it has cased and cemented the 406mm (16") section.
Since the last update, the Joint Venture experienced a delay in operations, due to the need to repair and replace items of surface equipment damaged during routine equipment testing, prior to casing and cementing the 406mm (16") section. The Joint Venture is currently preparing to drill ahead in the 311mm (12 ¼") section.
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 VentureParticipants 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%
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.
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).
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 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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