finch, looking back over the announcements, it looks as though...

finch, looking back over the announcements, it looks as though the earliest mention of Copahue was in May 2010, when the company was listed as Fall River Resources (ASX:FRV). At this point in time, the company was taking steps to rebrand itself as a new energy company. The company delisted as FRV and relisted as EHR in August 2010 and I have been following them since then. Early on, EHR spent a lot of time on the Fiale project in Djibouti (which is in the pipeline following Copahue). They are also looking at projects in Kenya.

I believe that the main focus recently for this small company has been the flagship Copahue project as well as the planned listing on the TSX (where appetite for geothermal is much higher than her in Aus). They have encountered some regulatory issues with the TSX listing that have slowed progress (as well as wasting the time of the management team ... something to do with previous listing of TSX:FRV).

The directors are heavily invested in the company (circa 37% of shares, all escrowed), and they have done an excellent job of keeping overheads low IMO. Just compare the cash burn rate on EHR to that of GDY. EHR have recognised that Australian geothermal projects are not financially viable, so they are focusing on o/s projects with some geographic/sovereign diversity. As a comparison, GDY have been around since 2002 and they are still having cap raisings, whereas EHR have moved rapidly over the last 18mths to position themselves potentially as the first ASX listed geothermal company to generate revenue. I think they are setting themselves up as an inspiring success story to come out of the gloom of the GFC and dampened investor interest in new energy companys.

All is my own opinion and please DYOR.