However, Geodynamics said the does not change its view about the future of enhanced geothermal systems (EGS) (also known as hot rocks geothermal technology).
The decision to write $88.8 million off its Cooper Basin assets comes as the company completes a trial of its 1 MWe Habanero pilot plant near Innamincka, which sourced energy from super-heated rocks 4.2kms below the surface – deeper than any other geothermal plant in the world.
However, despite the fact that the carrying value of deferred exploration and development costs have been written down to zero, and the Habanero plant down to “fair value”, Geodynamics said the does not change its view about the future of enhanced geothermal systems (also known as hot rocks geothermal technology).
Geodynamics said the results from the Habanero trial, including steam flows and reliability, supported its belief that EGS could play a material role in Australia’s energy future because it could deliver large scale, continuous, predictable and controllable energy.
But it said that developing the Cooper Basin resource will require “significant capital investment” for further exploration, development and to extend transmission infrastructure.
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