Supposedly relist within next 2 weeks should be updaye then...

Supposedly relist within next 2 weeks should be updaye then

riday, December 29, 2023


HOMEBUSINESSRENEWABLE ENERGY ECONOMY
Former Beach Energy boss Matt Kay to relist geothermal company

Earths Energy managing director Matt Kay.
By CAMERON ENGLAND
4:51PM DECEMBER 29, 20233
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Former Beach Energy managing director Matt Kay has mapped out his return to life as an ASX-listed company boss with Cradle Resources aiming to return to trade in mid-January as a geothermal energy play.

The company will change its name to Earths Energy and recommence trading on the ASX, having raised $6m in the past couple of months and finalised two acquisitions.

Earths Energy has acquired an 84 per cent interest in each of Volt Geothermal and Within Energy, which hold geothermal assets in Queensland and South Australia.

Engineered geothermal plays flourished briefly on the ASX in the mid-2000s with companies such as Geodynamics and Petratherm raising hundreds of millions of dollars and gaining significant federal government support in a bid to tap heat in deep granites and use it to generate electricity.


The sector petered out however, with the difficulties associated with drilling at depths of 4km or more proving challenging and expensive compared to traditional energy sources.

Earths Energy will be targeting heat resources at shallower depths than previous projects, and aims to generate electricity using binary cycle technology which can use lower-temperature reservoir water as a heat source.

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The company has secured 12,000sq km of tenements in SA, tracking the mining belt from Roxby Downs to Port Augusta and is in the process of securing more than 10,000sq km of acreage in Queensland stretching from west of Brisbane out to Roma, along existing power infrastructure corridors.

Earths Energy says it commissioned an independent report which estimates an energy resource of up to 22,100MWe in SA and 1500MWe in Queensland.

Mr Kay said on Friday the company eventually planned to roll out a series of 10MW power stations, which could generate enough energy for about 7000 homes, with the size and relatively modest cost of the plants allowing the company to scale up as needed.

Larger plants could be considered, depending on the needs of customers, Mr Kay said.

Earths Energy will be doing more geological work post-listing with a view to start drilling within a two year time frame, Mr Kay said.

The company is also aiming to team up with a technology partner and also farm down its tenement holdings to a co-investor at some point.

Mr Kay said Australia had never previously pursued geothermal energy in a concerted manner because of its vast reserves of traditional energy sources, however the push for net zero would provide a strong tailwind for the company.

“The other great thing that maybe a lot of people don’t understand about geothermal is once we’ve got the wells in place and once we’ve got the power plant in place, basically we don’t spend any material capex for the next 30 years unless we need to replace a well or two,’’ Mr Kay said.

“It’s not like oil and gas or coal seam gas for example, where you have to continue to pump in money.’’

Mr Kay said Earths Energy was in discussions with the South Australian state government and BHP which owns the Olympic Dam, Carrapateena and Prominent Hill mines in SA and is aiming to grow the region into an even more significant copper province.