The Perth-based company today said its acceptance of GEL 278, which forms part of the existing Torrens Project, takes its 100%-owned land holdings in South Australia to 15 blocks for 7200 square kilometres.

Torrens chief executive Chris Matthews said the tenement, north of Port Augusta, was in a highly prospective area.

“We have secured a new tenement where we know there is insulating cover and the potential for high heat flow,” he said.

“The area is on the National Grid and there are prospective drilling targets just a few hundred metres from the grid and main highway.

“We believe the Torrens project area has the potential to meet future electricity requirements through the provision of sustainable, renewable, emissions-free geothermal energy.”

Torrens listed on the Australian Stock Exchange on March 30.