Australia:

Origin’s Geodynamics write-off (Climate Spectator)

The speculation has been strong for a while and now Origin Energy has all but confirmed the worst kept secret in the geothermal sector: it has run out of faith in Geodynamics.

After recently deciding to opt out of paying a share for a cost overrun for the latest drilling campaign, today the company wrote off the entire value of its Geodynamics JV. Origin said the move was made as joint venture activities have “not met expectations for a timely and commercial development of the geothermal resources.”

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