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This morning, GDY opened at 95c, and by (10.20am EST) was trading even higher at a $1.02
The Australian Stock Exchange queried Geodynamics company secretary Paul Fredericks yesterday morning, seeking an explanation of the sudden rise in investor interest.
Fredericks said the company was unaware of any market-sensitive information concerning the company’s activities that had not been previously announced.
According to Fredericks, investor interest may have been piqued by the company’s announcement that it had applied for a $A75 million federal grant under the Low Emission Technology Demonstration Fund, although the application is still being considered by the appropriate agencies.
Fredericks claimed that although drilling at the Habanero-2 site had failed to reach target depth by 130m, the company had still proven results demonstrating that its attempts to create artificial geothermal energy power sources are feasible.
He said the company plans to continue with new projects.
