NEWS ARCHIVE

Woodside increases stake in geothermal player

Geodynamics Ltd has raised another A$1 million – bringing the total funds raised in March to A$8 million – by placing a further 1.1 million shares with its second largest shareholder, Woodside Petroleum subsidiary Metasource Pty Ltd.

Woodside increases stake in geothermal player

The A$1 million placement represents 1.6% of Geodynamic’s existing issued capital, around 69 million shares.

All Geodynamic shareholders will also be invited to take part on a share capital expansion via a Share Purchase Plan – valued at A$0.90 per share – scheduled for May this year.

The funds raised are for the completion of Stage One of the Hot Fractured Rock (HFR) geothermal project in the Cooper Basin, which entails the drilling of the Habanero-2 well and the completion of the circulation test that will determine the feasibility of heat extraction.

As part of the share placement, both firms have now executed an Environmental Credits Offtake Deed, which formalises Metasource’s rights to Environmental credits. The Woodside unit had earlier underwritten part of the earlier A$7 million placement but market support meant that it was not called on.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry