Geodynamics' Cooper Basin geothermal energy project is set for further development after the company's capital raising program exceeded expectations.
Steam flows from Geodynamics' well in Habanero, South
Australia. (Courtesy Adelaide Now)
The geothermal company yesterday said its capital raising program announced in December had raised a combined $10 million after a share purchase plan raised $6.2 million and a placement to institutional investors yielded a further $3.8 million.
This had exceeded the company's target of $8 million and the money will be used to progress its Cooper Basin geothermal project in South Australia's northeast, beginning with the drilling of its Habanero 4 well next month.
Habanero 4 is the company's first major step in an appraisal program designed to develop a commercial scale energy project at the site within the next two years.
"Geodynamics remains in a strong position to continue the development of the Habanero Deeps Enhanced Geothermal Systems project and we look forward to a year of significant field activity, commencing with the drilling of Habanero 4," managing director and chief executive Geoff Ward said.
