HRL still determined to explore and develop its main geothermal projects in the Otway Basin in Victoria.
Mark Elliott, Chairman writes "The 2013-14 financial year was another difficult year for our company. In order to survive, the Company sold its geothermal projects in Peru and Chile to Energy Development Corporation (EDC) for US$3 million, and dramatically reduced costs through the closure of all offices and the retrenchment of our staff. These actions were necessary as capital markets and investors continued to ignore the junior end of the market making it very difficult to raise funds or secure new partners to support exploration programs. Furthermore there is continued uncertainty in the political and regulatory risk jurisdictions and its ongoing negative impact on the development and investment in renewable energy in Australia. This led HRL to investigate an expansion of its activities and your Directors have reviewed many project and business opportunities since late 2013 looking for opportunities to grow shareholder value."
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