Australia's Geodynamics Limited Begins Exploration Studies for Vanuatu Geothermal Project

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Researched by Industrial Info Resources Australia (Perth, Australia)--Geodynamics Limited (ASX:GDY) (Brisbane, Australia) signed an agreement with the local community of Efate Island, Vanuatu, to begin exploration studies in February for the first phase of an 8-megawatt (MW) geothermal power plant project.

The project is on northeast side of Efate Island, near the Takara hot springs. The project will be built in two phases of 4 MW each. A transmission line will connect the geothermal site on the island's north to the existing grid at Port Vila, in the southwest area of Efate Island.

Geodynamics plans to begin work on the environmental and social impact assessment (ESIA), followed by exploration drillings for confirmation of resources. A power-purchase agreement will be signed between Geodynamics and Union Electrique du Vanuatu Limited (UNELCO) in a few months. It is estimated that Efate's peak demand for power is approximately 12 MW. This project will prove valuable to the local residents and the island of Efate, as their power requirements are largely based on diesel fuel, which can cost $500 per megawatt-hour.

Geodynamics bought the project as a part of its December 2013 takeover of KuTh Energy Limited (Sydney, Australia), a geothermal exploration and resources company. Geodynamics is also working on the exploration phase of its 20-MW geothermal power station project at Savo Island, a part of Solomon Islands. The company's portfolio includes another geothermal project at Cooper Basin in South Australia, the Habanero Innamincka Enhanced Geothermal System (EGS) Plant, which is a 1-MW pilot project.

Geodynamics said that if the exploration phase proves to be successful, it plans to begin construction on the first phase of the power station by the third quarter of 2015. Geodynamics is expected to invite tenders from companies for engineering, procurement and construction of the power project after it receives the permits and approvals, which are expected by the second quarter 2015.

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