The Queensland-based company wants to use innovative hot dry rock (HDR) technology to develop renewable geothermal energy generation in Australia, utilising the ultra-hot granites located three kilometres or more underground in the Cooper Basin.

The HDR concept involves extracting the heat contained in the granites by circulating water through the rock in an engineered, artificial reservoir.

On arriving back at the surface, the heated water is used to drive turbines, generating "green" power.

The Cooper Basin is the hottest non-volcanic region in the world and its geology appears to be particularly favourable for the development of HDR projects.

According to Dr Adrian Williams, chief of CSIRO Petroleum, geothermal energy was arguably Australia's most material option for renewable energy.

In South Australia's Cooper Basin, two permits at reasonable depths held heat energy equivalent to all of Australia's electricity needs for 800 years.

"Even if only a fraction of the heat can be recovered, it is a material source of clean and renewable energy that I believe is worth having a look at," Dr Williams said.

"Most of the skills needed to develop such a resource lie within the oil and gas industry."