Monday, August 29, 2016

Australia: Geodynamics Exits Geothermal Energy

Geodynamics Company Update (News Release)

Geodynamics of Milton, Queensland, Australia has provided a company update and further explanation on the Preliminary Final Report and Audited Financial Report for the year ending 30 June 2016.

The remediation of the Cooper Basin has been a key focus for the company. Geothermal wells Celsius 1, Jolokia 1, Savina 1, Habanero 1 and Habanero 2 are all plugged and abandoned with surface remediation completed. Habanero 3 and Habanero 4 are currently undergoing monitoring after having the cement plugs
set. Plans for the final well barrier, surface plug and well cap for Habanero 3 and 4 are in place and will be executed once the monitoring period is successfully completed.

The remaining surface remediation of the Cooper Basin site, removal of power lines and the transfer of various operating assets to third parties is expected to be completed this calendar year.

Geodynamics has implemented the exit of all interests in the Pacific Islands geothermal projects.

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