Green Rock Energy Joins AWE Limited to Explore Geothermal Resources in Perth, Australia

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Researched by Industrial Info Resources (Perth, Australia)--Green Rock Energy Pty Limited (Perth, Australia) signed a memorandum of understanding with AWE Australia Pty Limited (Sydney, Australia), a subsidiary company of AWE (ASX:AWE), to build a geothermal power project in the Perth Basin, in Western Australia. Both companies intend to eventually form a joint-venture company to build the 5-megawatt (MW) Mid-West Geothermal Power Project in the midwestern region of Western Australia.

The agreement was signed by the two companies in March 2013, to investigate the development potential of the project, as well as the profitability factor. AWE Limited is an Australian-based oil and gas exploration and production company that has extensive experience in drilling and exploration. It also holds several oil and gas exploration and production permits in the North Perth Basin.

"We are very excited to be working with AWE, which brings to the Project its long experience and excellent reputation in the Perth Basin," said Green Rock Executive Chairman Richard Beresford.

Green Rock and AWE Limited will collaborate with a previously selected company, New World Energy Pty Limited (Perth, Australia), to construct the geothermal project, which is focusing on securing funds through the Commonwealth Emerging Renewable Program.

Green Rock Energy received $5.4 million funding from the Western Australia government in 2012. AWE and Green Rock will soon begin drilling wells to investigate prospective drilling locations in the North Perth Basin.

Subject to the exploration results and approvals, Green Rock Energy and New World Energy will develop a 5-megawatt (MW) geothermal power project, which is now at least four to five years from construction. The company ultimately intends to expand the power plant to produce approximately 25 MW of electricity.

Green Rock Energy also holds geothermal exploration licenses to conduct drilling and exploration for a site in South Australia. The Olympic Dam Geothermal Project was proposed by the company in 2007 to develop a 400-MW power project in different phases, starting with a 5-MW Phase I project. However, the project has been put on the back bench and the next milestone for the project is yet to be decided.

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