Godfree, you've highlighted the elephant in the room. All that...

Godfree, you've highlighted the elephant in the room. All that effort and money spent around the back blocks of Innamincka has come to nothing as far as shareholders are concerned. I see it as a technical success, they did generate power from geothermal fluids, but a commercial failure with no customers nearby and no action by anyone to build the long transmission required.

As I see it GDY has no choice but to effectively give up Innamincka as there are now no price or policy signals in Australia that would encourage it to scale up, connect to the east coast grid and make a profit. Times have changed since Innamincka started.

In order to survive GDY has become a developer of conventional geothermal projects in overseas markets where they may well be able to make a profit. However their scale has dramatically decreased, instead of 100's of MW at Innamincka they're now looking at no more than 30 MW in very small markets. They could build these plants with the cash they have in the bank but their big ambitions have been thwarted.

In reality they're not really any more attractive as an investment than a solar power company, and probably less so when you factor in geological risk. Somehow I think they need to expand their ambitions before investors will come back.