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HOT ROCK LIMITED - ASX: HRL
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Description
The world is poised for a major expansion in geothermal generation. Geothermal uses natural heat from the Earth’s crust to make electricity. It is clean and has high growth potential. We created Hot Rock Limited to be a leader in geothermal generation. Geothermal is a unique intersection of natural resource development with electricity generation. Hot Rock Limited is the largest holder of geothermal exploration acreage in Australia.
Hot Rock Limited has one geothermal project in the proof of concept stage, the Koroit project, located in Hot Rock's Otway Basin permits in Victoria, Australia. The geothermal resources here were identified by prior oil & gas exploration. They are large and ideally located, close to major electrical transmission lines and power markets. The geology is favourable, with good temperatures and evidence of high permeability for high production rates and competitive cost geothermal production. Hot Rock has already completed the largest MT geophysical survey for geothermal to date in Australia over the 250 km2 project area. Hot Rock is now planning the drilling phase.
Walsh Springs Project (QLD)
In June 2008, Hot Rock Limited announced that it had won a competitive tender for an exploration permit geothermal (EPG) EPG19 in Queensland.vThis EPG19 is called Walsh Hot Springs. It covers approximately 657sq km and is located 115 km west of Cairns in north Queensland. Hot Rock believes this permit to be one of the most prospective of the geothermal permits offered by the Queensland government in its Land Release Area GLR2007-1. Two thermal springs have been identified in the permit area with recorded surface discharge temperatures of 42oC and 56oC (Figure 2). No previous geothermal exploration has been carried out in the area. The permit is located within 75 km of major transmission lines and electricity markets in north Queensland. The prospect appears associated with Carboniferous age, heat generating plutonic rocks and associated fractured volcanic rocks in the Featherbed Cauldron Complex. Hot Rock will commence initial exploration work to sample and examine the geochemical composition of springs and water bores to investigate possible connections between the surface springs and a high temperature geothermal reservoir in fractured rocks at depths of up to 3.5 km below surface.
Chile
Hot Rock has recognized for some time the underexplored and undervalued geothermal potential of Chile versus the rapidly growing power market, which has come to have a very high dependence on imported fossil fuels and which carries a demonstrated risk of political disruption to supply. This has driven power prices in Chile up to very attractive commercial levels for electricity generating companies in both the spot power and longer term contract markets and has placed a level of urgency on the government of Chile for the development of indigenous renewable energies, of which the potential from geothermal is outstanding.
Mine For
geothermal
Location of operation(s)
Victoria, Queensland, Chile
Australian Basins
Otway
Address
Level 5, 10 Market St
BRISBANE, QLD, AUSTRALIA
Phone
(61 7) 3212 6200
Website
Last Updated
15/03/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.