Geodynamic’s $32 million dollar drill rig has arrived in Australia. It is now being loaded on 40 trucks to be transported to Innamincka in the Cooper Basin.

» Hot rocks rig from US arrives in Qld - 4th July 2007.

Opposition leader Kevin Rudd has announced plans to provide a $50 million cash injection into the Geothermal industry if elected into power later this year. The funds would have to be matched by industry.

This has helped today push the share price of Australia’s listed geothermal energy companies up between 8 and 28 per cent.

“Geothermal energy holds the promise of being a renewable energy source with zero greenhouse gas emissions that can operate 24 hours a day providing critical baseload power for Australian homes and industries,” an ALP statement says.

Meanwhile, it was reported executives from Geodynamics & Petratherm were in Canberra yesterday informing the current Federal Government what it can do to help Hot Rocks in the next 6 to 8 months.

The opposition has indicated their contribution to the Hot Rock industry could be used to fund drilling rigs. Lack of drill rig availability and crews due by the resource boom is hindering progress in the Hot Rock sector. Geodynamics has just paid $32 million for a Lightning Rig manufactured in Huston by LeTourneau Technologies Inc, after having difficulty contracting a suitable rig in Australia.

» Hot rocks firms just got hotter - The Adelaide Advertiser, June 1st 2007.
» Hot rocks could get a big boost - ABC Science, June 1st 2007.
» Labor gazumps PM with climate plan - The Age, May 31st 2007.
» Rudd in fund race - The Courier Mail, May 31st 2007.

The Australian reports Geodynamic’s state-of-the-art $32 million dollar Lightning Rig is also generating interest in conventional petroleum exploration drilling sector.

The rig manufactured by Le Tourneau in Houston and due to arrive in Australia in June to start drilling Habanero 3, is the largest capacity rig seen in Australia.

“The rig has a huge drilling capacity and is capable of reaching depths up to 6000m,” Adrian Williams, CEO of Geodynamics says. “Not only that, but it can operate on full torque down to zero revs — which means it can drill through some very tough rocks that would defeat lesser rigs.”

David Farrar, Managing Director of Le Tourneau Australian Operations goes on to say, “It far exceeds anything seen in Australia before and is one of only seven or eight we’ve built so far. Most of those are in the US, but judging by the high level of interest we’ve already had from petroleum explorers when news of the impending arrival got around, it might not be alone here for long.”

» Thermal rock demands a mega rig - The Australian, 14th April 2007.

Geodynamic’s have announced its decision to purchase a drilling rig, a Lightning Rig made by Le Tourneau Technology. It will be used to drill Habanero 3.

“It’s without doubt the most exciting land rig ever to grace this countrys shores,” chief executive Adrian Williams said.

» Geodynamics banks on $32m U.S. rig - The Advertiser, 21st February 2007.
» Geodynamics Acquires Lightning Rig To Power Hot Rocks Drilling - Japan Corporate News, 21st February 2007.