Geodynamics reports execution of US$7.1m governmental drilling grant
Drill pipe ready at Jolokia 1, Geodynamics/ Australia (source: Geodynamics)
Alexander Richter
10 Kas 2010
Australian Geodynamics reports that the federal drilling grant of US$7.1m has been granted and will be used to drill two wells to demonstrate proof-of-concept at its Hunter Valley tenements.
Australian Geodynamics announces “that the AU$7 m (US$7.1m) funding deed granted by the Federal Government under Round 2 of the Geothermal Drilling Program (GDP) has today been executed.
Initially awarded to Geodynamics in late 2009 and announced at the time, the GDP funding has been granted for the development of Geodynamics’ Hunter Valley geothermal project.
The funding will be used by Geodynamics to drill two deep wells on its Hunter Valley tenements in order to demonstrate ‘proof of concept’. The funding granted under the Geothermal Drilling Program will be staged over the duration of the planned exploration activity with the final amount payable following the successful announcement of ‘Proof of Concept’.
Geodynamics has commenced planning to commission a seismic risk assessment around the proposed activities associated with the project. This assessment will be complete before the end of the financial year and will inform future exploration activity.”
Source: Company release via e-mail
