Earths Energy Limited Quarterly Activities Report - 25 October 2024
EARTHS ENERGY LIMITED (EE1) Share Update October 2024 Friday 25th
Earths Energy Reports Progress on Geothermal Projects and Feasibility Studies
Earths Energy Limited (ASX: EE1) has released its Quarterly Activities Report for the period ending 30 September 2024, highlighting significant progress in its geothermal projects and strategic initiatives.
Instant Summary:
- Conducted an extensive review of South Australian projects with JRG Energy Consultants.
- Commissioned GLJ Ltd for a Techno-Economic Feasibility Study (TEFS) of South Australian projects.
- Independent appraisal confirms electricity prices of at least $150 per MWh from South Australian projects.
- Initiated a study on the suitability of Queensland projects for geothermally powered data centers.
- Began discussions with potential US joint venture partners for Paralana and Flinders West projects.
- Cash at bank as of 30 September 2024 was $4.2 million.
South Australian Project Review
Earths Energy conducted a thorough review of its South Australian projects with JRG Energy Consultants, focusing on the Paralana geothermal project, one of Australia's most advanced geothermal initiatives. The project has been drilled to a depth of 3,685 meters with a bottom hole temperature of 171°C.
Techno-Economic Feasibility Study
The company has engaged GLJ Ltd to perform a Techno-Economic Feasibility Study (TEFS) on its South Australian projects. This study will analyze various geothermal extraction technologies and evaluate the potential integration of carbon capture, utilization, and storage (CCUS) technologies.
Electricity Grid Appraisal
An independent report by Resources WA confirmed that Earths Energy can expect electricity prices of at least $150 per MWh from its Flinders West and Paralana projects. The report highlights the strategic location of these projects near key substations, facilitating efficient grid connections.
Queensland Data Center Study
Recognizing the growing demand for sustainable data centers, Earths Energy has initiated a study to assess the feasibility of developing geothermally powered data centers in Queensland. These centers could leverage geothermal energy to provide 24/7 baseload power, enhancing their commercial viability.
Joint Venture Discussions
Earths Energy has started preliminary discussions with potential US-based joint venture partners for its Paralana and Flinders West projects. These partnerships could provide significant capital and expertise, accelerating project development.
The advancements in Earths Energy's geothermal projects position the company as a key player in the green energy sector. The successful completion of the TEFS and potential joint ventures could significantly enhance the company's market position and stock value.
Investor Reaction:
Investors are likely to view the progress positively, particularly the potential for high electricity prices and strategic partnerships. However, the outcomes of the feasibility studies and joint venture discussions will be crucial in determining long-term investor confidence.
Conclusion:
Earths Energy's strategic initiatives and project advancements demonstrate its commitment to becoming a leader in geothermal energy. Investors should monitor upcoming feasibility study results and joint venture developments for further insights into the company's growth potential.