JCap targets Vulcan Energy, page-83

I was surprised to learn that they haven't drilled any of their own wells yet, but also, 5,000m is very deep. I had assumed that geothermal energy wells in this area were quite shallow i.e. less than 1,000m. Does anyone remember Geodynamics? They were drilling 5,000m deep wells in the Cooper Basin and these were very expensive to drill, about $10M each from memory. It didn't end well for them (excuse the pun), but they had to perform very difficult fracking at these depths and I believe VUL won't need to do this because they are exploiting a different type of geothermal energy, unless they end up needing to stimulate the wells. I suspect no one will know until they actually drill a well and test the flow rates, just like every other lithium brine exporer has done when developing a project and a PFS. The assumed brine concentrations are low, the brine temperatures are low (high temperatures are needed for reasonable efficiency of the geothermal energy generation), DLE is not commercialised yet and the flow rates are unknown, not to mention they have no approvals to drill production wells yet. Lots of risks to navigate.