The company will deposit all of its Australian geothermal assets into a wholly-owned subsidiary known as Terratherma, which has plans to list on the Australian Securities Exchange.

Eden intends to be a majority shareholder in Terratherma, by taking a $15 million shareholding stake, or 75 million shares at 20c each with options.

Terratherma would then proceed with a $12-20 million initial public offering, with priority allocation given to shareholders of Eden and its parent company Tasman Resources.

Eden said the two companies could potentially work together on projects down the track.

"It is contemplated that where appropriate, Eden and Terratherma may collaborate on renewable energy projects using geothermal power generated by Terratherma to produce hydrogen which could be stored and transported to market using Eden's hydrogen technology," the company said.

Eden also holds gas assets in the form of a 50% interest in coal seam methane licences in southern Wales, a South Australian natural gas project, a modest natural gas resource near Chester in the United Kingdom and part rights to a small drilling rig.

The company has reached a preliminary agreement with its Welsh JV partner to transfer all of these assets into a new joint venture company, in which Eden would have a 45% shareholding and contribute £1 million in ongoing funding.

The new company is aiming for a listing on London's Alternative Investment Market.

"It is proposed that this JV company would itself look for a joint venture for the South Wales CBM project from a major international gas or petroleum company, and would also seek to list on AIM," Eden said.