This is my second Annual General Meeting as your Chairman and it is a pleasure to have the opportunity to address you this evening on Company progress.
2012 marks the turnaround in Geodynamics’ recent fortunes. It has been a strong year for the Company with the renewal of our operational program at Habanero and the acquisition of new projects to complement our Cooper Basin program, excellent safety performance, demonstrated cost reductions and a strengthened financial position.
It is particularly pleasing to report that we have made material progress with our Cooper Basin Deeps EGS Project.
The key operational highlight and first milestone of our current field program is the successful drilling and completion of Habanero 4, the most technically challenging well to have been drilled in Australia in 2012. Given the extreme temperatures and pressures encountered drilling the well, it is very pleasing that Habanero 4 was drilled safely, with no lost time injuries, and with minimal impact on the local community and environment.
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