To my knowedge there have only been three 'test failures' to date. One deeps failure in the GDY well where the alloys in the casing reacted with suplphor in the soil, causing a well blowout. The other two failures were in 'shallow' wells of GDY and Panax. The former can be put down to a learning experience (though a Industrial Chemist colleague said they should have known). Both the 'shallows' failure to flow is more serious. PAX gave up and went overseas, GDY is drilling another well to find out more.
The real failure at GDY is in managment. After the blowout GDY gave up on its small demonstration power plant to power Innaminka and decided to go much bigger, then they have now decided to go ahead with the original plan more or less. The plant was half finished, the SA Premier had been booked to open the plant, and they walked away .... and are now back.
Only GDY, PAX and Petrotherm have actually drilled wells which could be used for production, the rest (all 7 of them) are drillling shallow testing wells or are are waiting for funding before doing anything.
It's early days.
RNE Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
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