Australian company dealing in geothermal exploration, Geodynamics, has partnered exclusively with Beach Energy to potentially supply geothermal power from its exploration tenements located at Innamincka, South Australia.
The terms of the agreement state Beach Energy has the sole right to negotiate a farm-in, so long as it is in line with the geothermal licences of Geodynamics, for the exclusivity period of 18 months.
Beach Energy will assist Geodynamics’ research program by investing $200,000. The research program – which will be completed within 12 months – will investigate the use of geothermal resources for heat and power, as well as how carbon dioxide is managed in the natural gas production process.
Geodynamics’ CEO Geoff Ward said the Habanero Pilot Plant trial and Field Development Plan demonstrated the potential for significant energy efficiency improvements, cost benefits and carbon emission reductions.
“The research project will examine some new and innovative ways of achieving these benefits building on the work undertaken during the Pilot Plant trial and drilling program at Habanero,” he said.