Developer Hot Rock Limited (HRL) is hoping to drum up investor support with a renewed permit to tap into the region’s vast underground reservoir of super-heated water. But plans to drill still appear to be a pipe dream, according to a company statement to the Australian Stock Exchange on Friday.
Drilling won’t happen until at least 2017, a year before the exploration permit expires. Executives have also taken a pay cut, while equipment for the Koroit project will be sold off.
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