Profile
It was the Lakes Oil NL drilling of Tifon-2 well, which encountered hot saline water at approximately 2 km, where the idea for the Company was first born. The event encouraged both Lakes oil NL and Victoria Petroleum NL to form the company.
It was the Lakes Oil N.L drilling of Trifon-2 well which encountered hot saline water at approximately 2km, that lead to the creation of the company by Lakes Oil N.L, Victoria Petroleum N.L and a small group of private investors. Greenearth Energy Limited was established as a geothermal exploration entity and shortly after its establishment applied for geothermal exploration permits that were being offered by the Victorian Government at the time.
In May 2007, the Company was awarded GEP's 10, 12 and 13 by the Victorian Government covering 18,795 km2 . The Company currently has two project focus areas namely, the Gippsland Onshore Project (GEP's 12 and 13) and the Otway Onshore Project (GEP 10).
On 2 November 2007, the company lodged its prospectus for IPO with ASIC (Australian Securities and Investment Commission) with the ambition to raise $15 Million (minimum $10 million and maximum of $20 million) to enable it to become an active entity in the Australian Geothermal industry. The offer period closed on 18 January 2008, with $10.03million raised at 30 cents per share. The Company was admitted to the Australian Stock Exchange (ASX) and listed on 4 February 2008 with the stock code GER.
Objectives
The Company has a simple strategy of focussing on lower cost exploration and appraisal of prospective geothermal targets close to major markets and near existing electricity generation and transmission infrastructure.
Corporate Strategy and Objectives
The Company is seeking to explore locations and in due course to prove-up and develop geothermal resource projects by:
- focusing its exploration efforts in areas in close proximity to markets and existing energy infrastructure;
- leveraging off existing Lakes Oil NL data and exploration programs to reduce exploration costs where possible;
- targeting prospects that reveal good characteristics for conventional hydrothermal resources while at the same time holding the possibility of Hot Dry Rock potential at deeper depths;
- forming strategic relationships with industry and academic participants from which the parties gain synergistic benefits;
- employing and contributing to the development of technologies to generate power and direct heat applications from lower
- temperature geothermal energy resources; and
- entering into commercial arrangements for applications using geothermal energy where this is shown to be a viable alternative for the Company to do so.