“While the Olympic Dam Geothermal Energy Project is Green Rock Energy’s main focus in Australia, new projects are being added to the company’s portfolio where they show the required potential for a commercial geothermal energy project,” Green Rock said yesterday.
“The Patchawarra Project area contains geological formations which are prospective for high flows of hot geothermal water.”
These formations could be suitable for generating geothermal electrical energy by pumping the hot water from existing sedimentary aquifers using conventional pumps, according to Green Rock.
The Patchawarra Trough structure contains aquifers that reach a thickness in excess of 1200m in this location at depths greater than 3000m, Green Rock said.
“These thick, deep aquifers have the potential to contain high temperature water flows suitable for conventional geothermal energy production,” the company said.
In other news, Green Rock Energy also successfully raised $1.3 million to supplement working capital through the private placement to professional investors of 12 million shares at 11c per share, which was the average price for the previous 10 days trading.
