Ann: Cooper Basin Project Update , page-3

ASX ANNOUNCEMENT 05 FEBRUARY 2009
Cooper Basin Project Update

Closed Loop Flow Test Update
Geodynamics is pleased to announce that the closed loop test is ongoing. The test is 75% complete with 31 days of the required 42 days of brine circulation now complete. The flow test is expected to be completed by mid to late February 2009.
Upon completion of this test, the results will be subject to a period of external review and validation. A successful validation will mark the completion of Stage One of the Company’s business plan i.e. ‘Proof of Concept’.

Savina 1 Drilling Progress
Geodynamics reports that a program of actions to release the stuck drill pipe is in progress. The technique currently being employed is to wash over sections of the
stuck pipe (a process that involves ‘swallowing’ the drill pipe with a larger pipe to force it away from the side of the hole) and then remove the released portions of the
pipe. This technique has been successful to date with approximately 400 metres of drill pipe being released.
The recovery actions are ongoing and the company is confident of recovering the remainder of the stuck drill pipe.