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TORRENS ENERGY LIMITED - ASX: TEY
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Description
Torrens Energy listed on the Australian Stock Exchange in March 2007, closing its $6m raising early and oversubscribed, delivering a 100% return to the issue price on its first day of trading.
Since inception Torrens Energy has been able to accelerate its on-ground progress through matched funding from the Renewable Energy Development Initiative (REDI) awarded in 2007. To date Torrens Energy has spent $6.6m on geothermal activities, of which $2.7m has been received from REDI for 3D Temperature Field Modeling, resulting in net expenditure activities of $3.9m.
Exploration success came early with the discovery of high heat flows at Parachilna, leading to the world's first code-compliant geothermal resource in 2008. The Parachilna Inferred Resource remains Australia's largest (780,000PJ) showing significant potential for large-scale base-load power generation in close proximity to power infrastructure in South Australia.
Since establishing the Parachilna Play the Company has accelerated exploration to the south, culminating in the discovery at Port Augusta in 2009 of hot-rocks under the electricity transmission lines of the National Energy Market (NEM). In addition Torrens Energy has continued its aggressive land acquisition strategy by acquiring strategic landholdings in Victoria and increasing its position on the NEM in South Australia to consolidate approximately 21,681 km2 nationally.
In December 2009 the Company was awarded a conditional grant of $7m from the Australian Government Department of Resources Energy and Tourism, Geothermal Drilling Program (GDP). The matched funding will be directed towards achieving proof-of-concept at the outstanding Parachilna Geothermal Play in South Australia.
Mine For
geothermal
Location of operation(s)
South Australia
Address
Se 1, 388 Hay St
SUBIACO, WA, AUSTRALIA
Phone
(61 8) 6380 1003
Website
Last Updated
27/01/2011
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.
