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TORRENS ENERGY LIMITED - ASX: TEY
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Description
Torrens Energy Limited (TEY) listed on the ASX in March 2007, raising $6M. Due to overwhelming investor interest, the offer – which comprised 30 million shares at 20c each, with one free attaching listing option for every two shares – was heavily oversubscribed.
Torrens has created an exceptional opportunity to generate sustainable, renewable, emissions-free geothermal energy and become a dominant player in efficient, reliable electricity generation.
The Company has been granted a large geothermal tenement holding in areas close to Adelaide in South Australia. The selected areas are known for high heat flow and coincide with the overlying insulating sedimentary cover required for high temperatures to accumulate. In addition, and unique to Torrens, these highly prospective areas are located on the National Power Grid, close to large energy markets and infrastructure.
Heat flow modeling shows great promise
The discovery of old well logs from a 754m petroleum well has confirmed the excellent exploration potential of the Torrens Project area. The logs showed a very high bottom hole temperature of 57°C. Using heat flow estimates ( view diagram here) and existing open file geological data temperature modelling has been completed to 5000m. The modelled heat reservoir indicates high heat flow, reaching 230°C at full depth, well within the range required for commercial power generation.
For this location the heat flow estimate is 106mW/m², comparable to the Cooper Basin in the north of South Australia and well above the Company’s stated target of 90mW/m². The Company’s stated results have been independently checked and verified by Hot Dry Rocks Pty Ltd, Australia’s leading geothermal consulting firm.
As part of the Company’s drilling programme, scheduled to start in September 2007, Torrens will confirm predicted temperatures by shallow diamond core drilling.
HFR Geothermal Exploration Company: Torrens is a Hot Fractured Rock (HFR) geothermal exploration company, focused on the exploration and development of geothermal resources for power generation.
Large Tenement Holding in Prospective Areas: The Company has been granted 15 Geothermal Exploration Licences (GELs) covering over 7,100km2 of the prospective South Australian Heat Flow Anomaly (SAHFA). In addition, the Company has been awarded 2 geothermal permits (GEPs) in Victoria.
Close to Infrastructure and Markets: The National Power Grid runs through, or is adjacent to, all of Torrens Project areas, and major roads, towns and the city of Adelaide are located nearby. Torrens’ tenements are near markets where substantial power is and will be required.
Independent Heat Flow Modelling Performed: The potential for high temperatures on the Company’s GELs has been independently verified by temperature modelling to a depth of 5,000 metres at eight locations.
Clean Renewable Energy: HFR geothermal energy is a clean (zero greenhouse gas), renewable resource for heat and power generation that is able to provide baseload capacity and is economically competitive
Government Incentives to Combat Global Warming: Global warmingand greenhouse gas emissions are attracting greater awareness and worldwide concern. The Commonwealth Government is committed to limiting greenhouse gas emissions from traditional forms of power generation. It is offering significant grant funding for clean energy technology to encourage sustainable development.
Experienced Management Team: The Company has secured the services of a management team that is both experienced and competent in the highly specialised field of HFR geothermal energy.
Program to Identify Deep Drilling Targets: Torrens will use the capital raised from the Offer on exploration for high temperature resources, which will include 3D modelling, seismic work and a comprehensive drilling program to identify suitable targets for deep drilling.
Mine For
geothermal
Location of operation(s)
South Australia, Victoria
Address
Se 1, 388 Hay St
SUBIACO, WA, AUSTRALIA
Phone
(61 8) 6380 1003
Website
Last Updated
23/02/2010
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.