The company reports on it's website that "in preparation for possible future exploration drilling in the Hunter Valley, an independent seismic risk assessment was completed in 2012. The study concluded that the risks of significant seismic events resulting from hydraulic stimulation are extremely low. However as Geodynamics is concentrating its activities on the development of its Pacific Island opportunities, Geodynamics has no plans for exploration drilling in the Hunter Valley permits in the near future."
GeoDynamics has tenements around Muswellbrook, Jerrys Plains and Bulga, and was developing its project with private funds, as well as government contributions. But current market conditions in the renewable sector are tough, and the project has been scrapped. The company said its remediated four of its 11 wells in the Hunter Valley.
The company said, once its obligations are met, it will hand back its licences to the New South Wales Department of Resources Energy and Mining.
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