Green Rock Energy, in joint venture with New World Energy, has signed a binding agreement to develop geothermal exploration permits (GEPs) in the North Perth Basin, Western Australia.
The company will be the initial operator of the joint venture, which will focus on identifying a drilling target with the objective of an initial power generation capacity of about 5MW connected to existing power infrastructure.
Green Rock managing director Richard Beresford said: "Green Rock considers the Mid West Geothermal Power Project a strong contender for state and commonwealth funding towards drilling the first two wells. Working jointly with New World Energy further strengthens our prospects and we look forward to further progress on funding over the next few months."
Currently, Green Rock holds 100% interests in nine GEPs in the North Perth Basin and New World Energy holds 100% interests in eight GEPs.