Geodynamics was originally awarded a $90 million grant in November 2009 by the Department of Resources Energy and Tourism, and has so far drawn down $32.4 million under this grant – which has supported the development of the Cooper Basin geothermal resources, particularly the drilling and stimulation of Habanero 4 and subsequent Habanero 1 MW Pilot Plant trial.
Under the variation agreed, the total overall grant being reduced by $30.45 million to $59.55 million with ARENA to now contribute up to $27.15 million of grant funds in support of a revised program of future activities. ARENA grant funds will be paid in arrears upon completion of milestone activities.
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