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25.3 Hungary (Joint Venture with MOL in Hungary (50% interest)) Green Rock‘s initial aim is to generate electricity for distribution and sale into nearby power grids. Despite having significant geothermal energy potential, Hungary currently has commercial scale direct heat uses but no electricity production from geothermal energy. To achieve this, a joint venture company based in Budapest was established in 2008 with MOL to explore and develop geothermal energy in Hungary and surrounding countries. The company CEGE (Central European Geothermal Energy) is owned by MOL (50%) and Green Rock (50%). MOL is Hungary‘s largest company, with a market capitalisation of over US$ 10 billion. It is a leading integrated oil and gas company in Central & Eastern Europe. CEGE‘s technical team has analysed several promising geothermal prospect areas where production could be achieved in the shortest time frame and at lowest cost using existing technologies and existing wells which have intersected hot geothermal water. In 2010, CEGE acquired and evaluated a comprehensive data set for a former MOL petroleum well close to existing power infrastructure. Additional well temperature and pressure measurements were acquired by CEGE, MOL and Dr. Jörg Baumgärtner and his company BESTEC. This indicates a sizeable geothermal reservoir which should be capable of supporting several MWe of power generation capacity. CEGE therefore exercised its option to purchase the well from MOL. The next step is to secure the legal rights and approvals to proceed with drilling a second well in 2012. 25.4 Olympic Dam, South Australia At the Company‘s 100% owned Olympic Dam EGS project in South Australia, Green Rock has drilled into a massive inferred geothermal heat resource contained in hot granites and shown that hydraulic fracturing will open up fractures in the extensive granite body. The Company plans to drill one production and one injection well and carry out fracture stimulation to connect them at depths ranging from 3.5 km to 5 km in the thermally anomalous granite near our Blanche No 1 well. Green Rock Energy is seeking funding by way of a ―farm-in‖ before it commences the deep drilling, fracture stimulation and flow testing for this proof-of-concept project. During the year, Green Rock participated in a research & development program to build and test a surface heat probe. Some field testing of the probes was carried out above thermal anomalies known from previous drilling in the Permits at depth. This work continues. A major expansion of the Olympic Dam mine has now received environmental approvals from the Federal and State Governments. The expansion will require substantial increase in electricity to supply the operations. This may present a major opportunity to supply geothermal power to the operations. 25.5 Author and Contact Adrian Larking Director of Operations Green Rock Energy 6/38 Colin Street West Perth AUSTRALIA E-mail: ALarking@greenrock.com.au 281PDF Image | Geothermal Research and Tech IEA
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