Australia:

Geodynamics Gets Approval for New Geothermal Well (RechargeNews)

Drilling at Habanero 4
(Courtesy Recharge News/Geodynamics)

Australian geothermal developer Geodynamics has secured approval from regulators to drill the latest well at its Innamincka Deeps joint venture with Origin Energy.

Drilling of the well, called Habanero 4, is expected to take four months. The well is seen as crucial to proving the future viability of the joint venture’s operations in the Cooper Basin in the state of South Australia.

“Recommencement of drilling operations at Habanero 4 is a significant milestone for Geodynamics,” chief executive Geoff Ward says.

Innamincka Deeps has sold its drilling rig for A$16.8m ($17.7m) and will lease it back from its new owner.

Geodynamics says the sale allows the joint venture to focus on its core business of geothermal development.

Fellow Australian Stock Exchange-listed geothermal group Earth Heat Resources has raised A$2.1m via a share issue to fund development of the Copahue volcanic resource in Argentina.

Development is expected within four years at Copahue, which the company says has the potential for an initial 30MW of capacity.