activities report out

I've copied and pasted it from a pdf file, so dont know how its going to look, will prob be easier looking at it from your broking site. Enjoy,
Alex

Quarterly Activities Report
for the period ended 30 June 2007
HIGHLIGHTS
· CSIRO study confirms the rock stresses at the Olympic Dam Geothermal
Energy Project are likely to be ideal for a heat exchange reservoir
· Preparations underway for mini hydro-fracture at Olympic Dam
· Ortaháza wells in Hungary suspended for possible future direct heat use
· Claim for refund of Ortaháza expenditures from World Bank
· Site selection for 2nd Hungary project commenced
· Submission made to Federal Parliamentary Committee enquiry intoRenewable Energy

ACTIVITIES
During the quarter, Green Rock Energy progressed its activities in Hungary and
Olympic Dam to develop low emission base load electricity from geothermal
energy resources.
Hungarian Joint Venture (32% interest)
The Joint Venturers were busy during the quarter with site selection for the Joint
Venture’s next geothermal energy project in Hungary. The Company’s hydrogeologist
provided major input into this process. This selection involves choosing
a site with suitable geothermal water temperature and chemistry, reservoir
potential and reservoir flow characteristics. The task of site selection in Hungary
is greatly assisted by the abundance of relevant seismic and well data available
from Hungarian Oil & Gas company, MOL, which has drilled and owns over
5,000 petroleum wells in Hungary, many of which discovered suitable hot water.
A claim was initiated by the Joint Venture for a refund from the World Bank
Group’s Geofund technical risk insurance of a substantial proportion of the funds
expended in preparing and carrying out the Ortaháza production testing. Under
the contract with the World Bank group, the refund is payable by the end of the
next quarter following the World Bank obtaining a report from an independent
expert organisation attesting to the quantum of eligible expenditures which can
be claimed. This claim followed the joint venturers electing to suspend the
Ortaháza 3 and Ortaháza 5 wells for possible future production for direct heat
uses after water flows from the wells proved insufficient for commercial electricity
production. The Company expects a refund of around A$1.5 million within the
next few months.
Olympic Dam Geothermal Project, (100%) Australia
In preparation for the Company’s mini hydro-fracture program to be carried out in
the existing well Blanche No 1 in the next few months, the CSIRO, Australia’s
premier scientific and industrial research organisation, delivered an encouraging
report on in-situ stress modelling in the hot granites drilled by that well. This
analysis was based on drill core, drill logs, drilling operational data, laboratory
tests and previous modelling by the CSIRO. The key results reported by CSIRO
analysis were:
· It is likely that both the maximum and minimum principal horizontal
stresses are higher than the vertical stress in granite intersected in
Blanche No 1 well
· This implies that the hydraulic fracture orientation and fluid flow in a
stimulated zone are likely to be in a sub-horizontal direction
· This is an ideal situation for generating an optimal heat exchange
reservoir that would allow a maximum distance between the injection and
production wells.
These results will be followed-up and quantified by the planned mini hydrofracture
program to be carried out in the next few months. The mini hydrofracture
will involve pumping water into the hot granites already drilled in Blanche
No 1 to generate fractures at various depths. The data obtained will provide
more accurate measurements of the geological stress conditions which will be
used for the design of the two deeper production and injection wells and fracture
stimulation program. The deeper wells will be used to establish a water
circulation system to recover heat from the hot granites.
CORPORATE ACTIVITIES
Submission to Federal Parliamentary Committee
In June the Company made a submission on the costs, benefits and implications
of the utilisation of geothermal energy to the Commonwealth Parliament House
of Representatives Standing Committee on Industry and Resources for its case
study into renewable energy sectors in Australia. This submission which is
posted on the Company’s website (www.greenrock.com.au) emphasised the
substantial potential for well located resources in Australia to provide emission
free, renewable base load electricity.
ssue of Options to Director
The Company resolved, subject to approval of the shareholders, to issue
1,000,000 ordinary share options to Dr Jörg Baumgärtner who joined the Board
as an non-executive director in April. Dr Baumgärtner, is one of the leading
exponents on developing and producing geothermal energy from Engineered
Geothermal Systems (EGS) or Hot Dry Rocks.
Meetings
During the quarter the Company held its last board meeting for the 2006/07 year
and Hungarian Joint Venture meeting in Unterhaching near Munich in Germany
where the European Geothermal Congress was convened and at which the
Hungarian Joint Venture delivered a paper on its joint venture activities.