Geodynamics driven higher by Cooper Basin progress (Proactive Investors Australia)
Geodynamics’ share price has risen 36% today to an intra-day high of A$0.17 on news it has reached target depth at its Habanero 4 geothermal well in the Cooper Basin.
It appears drilling, which reached a total depth of 4,204 metres last night, has been successful with indications the target fracture zone has been intersected as expected. The safe drilling of Habanero 4 through a highly over-pressured reservoir to total depth is a significant milestone.
Geodynamics will now undertake logging to assess the target fracture zone, confirming cement integrity behind casing for well stimulation and installing the well completion to secure the well.
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