Monday, March 4, 2013

Australia:

Joint Venture Formed for Geothermal Exploration in Western Australia (Finance News Network)

AWE Limited of North Sydney, has signed an Memorandum of Understanding (MoU) with Green Rock Energy Limited subsidiary Mid West Geothermal Power to form a potential Joint Venture (JV).

The JV aims to demonstrate the development potential of geothermal power generation in the north Perth Basin.

AWE has holdings in multiple oil and gas exploration and production permits in the north Perth Basin, where Mid West operates seven Geothermal Exploration Permits.

The first stage of the project will focus on selecting a drilling area to maximize the potential success of a geothermal drilling program, from which the JV will focus on securing commonwealth funding as part of the Emerging Renewable’s Program.