cool energy

I still think that cool energy has the potential to be company making techno to nido long term. Galoc maybe an important focus but it's not Nido's only speculative asset....


Cool Energy
On February 15, 2005, Nido Petroleum announced that it had made a strategic investment in Cool Energy Pty. Ltd. (Cool Energy), a sponsor of a new cryogenic gas conditioning technology.

The technology will be able to remove contaminants, particularly CO2, from gas feedstocks using minimal supporting facilities; eliminate the use of hazardous solvents and chemicals normally required for CO2 removal under traditional processes; unlock gas reserves that were previously considered uneconomic because of their high levels of contaminants, remoteness or small size; and allow for efficient separation of CO2, providing effective disposal of greenhouse gases.

Nido Petroleum's investment comprised a 36% interest in Cool Energy and a series of convertible notes for a total consideration of A$1.595m in 2005. Nido Petroleum ultimately plans to divest a portion of its shares to hold 23% of Cool Energy once subscriptions are completed.

This investment is closely aligned with Nido Petroleum's strategy of securing rights to, and developing, gas resources that are considered sub-commercial or sub-economic. The investment complements Nido Petroleum’s value creation strategy to place focus on the development of marginal fields in Australia and around the world.

Cool Energy is proceeding with the design and construction of a two million cubic feet per day pilot plant which is intended to test the Cool Energy process. This plant will be located at one of Arc Energy's Perth Basin gas fields and is expected to be operational by year-end 2005.