ARKANSAS, Oct 5 (Future Headlines)- Greenvale Energy Limited (GRV) has recently completed its inaugural Geothermal Feasibility Study in partnership with CeraPhi Energy (CeraPhi), heralding significant developments in Australia’s geothermal energy landscape. This study, centered around Greenvale’s Longreach geothermal tenement in Queensland, has yielded promising results that support the development of a 4.95-MWe geothermal project in the Longreach region. However, it also brings to light key economic considerations related to geothermal exploration depth.
While the study paints a promising picture of geothermal prospects in Longreach, it also highlights a critical economic factor. CeraPhi Energy’s assessment indicates that geothermal exploration beyond 3000 meters in depth may not be economically viable on a small scale. This key insight emphasizes the need for prudent resource allocation and efficient project planning.
One of the pivotal aspects of the Geothermal Feasibility Study was the evaluation of CeraPhi Energy’s innovative CeraPhiWell™ down-hole heat exchanger technology. The results of this assessment are highly encouraging, demonstrating the CeraPhiWell™ technology’s capability to provide the necessary heat for powering a 4.95-MWe geothermal plant in Longreach. This breakthrough underscores the adaptability and effectiveness of CeraPhi’s technology in the Australian geothermal landscape.
While the Longreach Geothermal Feasibility Study showcases the potential of geothermal energy, the focus of Greenvale Energy now shifts strategically to the Millungera Basin. This decision is underpinned by several factors. The Millungera Basin boasts robust existing infrastructure, including transmission infrastructure, as well as substantial investments in mining and industrial development. This infrastructure readiness positions the Millungera Basin as an ideal location for geothermal energy development. Moreover, Greenvale Energy’s geothermal team expresses confidence in the Millungera Basin’s geothermal potential. The area is expected to yield the necessary heat sources at shallower depths, mitigating sub-surface uncertainties associated with deeper drilling.
Previous assessments by Ascendience Geoscience have affirmed the significant geothermal potential within the Millungera Basin. Geological, geophysical, and thermal gradient studies have highlighted this region as one of Australia’s most geologically prospective areas.
Greenvale Energy’s exploration efforts in the Millungera Basin will focus on several critical objectives. The company aims to identify the most suitable geothermal well depth in the Millungera Basin, considering geological factors and cost-efficiency. Assessing the cost implications of drilling to a depth of 3 kilometers will be a core component of Greenvale’s exploration strategy. The company plans to refine its cost estimates for single well development in the region, ensuring accurate budgeting for future projects.
Mark Turner, Greenvale’s CEO, emphasized the need for practicality and economic viability in pursuing geothermal projects. He stated, “While the results from our maiden geothermal feasibility study for Longreach are encouraging from a technical point of view, the economics simply do not work at this time.” This candid acknowledgment underscores the importance of a strategic shift towards the Millungera Basin.
Turner also highlighted the challenges and opportunities of being a pioneer in the Australian geothermal sector. Despite the initial hurdles, Greenvale Energy is now equipped with confidence in the potential of the CeraPhiWell™ technology, which will be carried forward to unlock the Millungera Basin’s vast geothermal potential.
With a commitment to cost-efficiency and collaboration, Greenvale Energy is poised to play a pivotal role in Australia’s transition to a sustainable and renewable energy future, harnessing the latent power of geothermal resources. This endeavor aligns with global efforts to combat climate change and underscores the transformative potential of clean and green energy solutions.
Writing by Kevin Wood; Editing by Sarah White