Renu director Tim Schofiled is a director and one of two principles of Pacific. 

 

He is overseeing the coordination and implementation of the permanent abandonment of Renu's geothermal wells in the Cooper Basin in South Australia. 

 

Renu said the extension of the agreement is of material benefit to the company.  

 

Renu changed its name over four years ago from Geodynamics when it moved from geothermal energy to solar and early in 2016 it finalised its former line of work in the Pacific Islands. 

 

It wrote off the A$88.8 million value of the assets in 2013. 

 

It drilled the Habanero-1 geothermal well in the basin in 2003 and two more between 2010-2012.  

 

The Habanero Enhanced Geothermal System project began in 2000. Renu has also looked at bioenergy. It hired KPMG to find a partner for a merger or buyer earlier this year. 

 

RNE just settled down existing projects and seeking merger/acquisition opportunities adviced by KPMG corporate finance.

 

This company is now debt free and got $265 million accumulated tax loss which was valued worth $7.2m or 6c per share for the tax benefit once a proper merger happens. （broker's valuation) ($76m tax benefit at corporate tax rate 27.5% as newly released financial report)