It was the Lakes Oil N.L drilling of Trifon-2 well which encountered hot saline water at approximately 2km, that lead to the creation of the company by Lakes Oil N.L, Victoria Petroleum N.L and a small group of private investors. Greenearth Energy Limited was established as a geothermal exploration entity and shortly after its establishment applied for geothermal exploration permits that were being offered by the Victorian Government at the time.

In May 2007, the Company was awarded GEP's 10, 12 and 13 by the Victorian Government covering 18,795 km2 . The Company currently has two project focus areas namely, the Gippsland Onshore Project (GEP's 12 and 13) and the Otway Onshore Project (GEP 10).

On 2 November 2007, the company lodged its prospectus for IPO with ASIC (Australian Securities and Investment Commission) with the ambition to raise $15 Million (minimum $10 million and maximum of $20 million) to enable it to become an active entity in the Australian Geothermal industry. The offer period closed on 18 January 2008, with $10.03million raised at 30 cents per share. The Company was admitted to the Australian Stock Exchange (ASX) and listed on 4 February 2008 with the stock code GER.

GEP10 Geelong Geothermal Power Project (GGPP)

Greenearth Energy flagship commercial development opportunity is the Geelong Geothermal Power Project (GGPP). This is a staged project development that lends itself to a multiple modular installation approach over time that will lead, in stages, to the construction of a geothermal power generation capacity in the Geelong area and the delivery of renewable energy into the Victorian energy grid. The major focus for the company in the upcoming financial year will be to attract the necessary funding and to commence Stage 1 of the project – Proof of Concept drilling.

Stage 1 - Proof of Concept

Greenearth Energy's Geelong Geothermal Power Project Stage 1 - Proof of Concept is planned to commence during H2 2010 with the drilling of Geelong Geothermal Well No. 1 (Production) to 4,000 m immediately followed by Geelong Geothermal Well No. 2 (Injection) (upon successful completion of the first well).

The proposed project location is approximately 9km northwest of the brown coal fired power station at Anglesea and has been selected on the basis it targets teh hottest and thickest section of a HSA geothermal reservoir formation of greater than 1,000 m thickness.

A deviated well design has been developed and directional drilling techniques will be employed to minimise the number of drilling pads and maximise the length of geothermal reservoir intersected. A modest deviation of 15 degrees from vertical at the 1,000 m level can achieve suitable separation within the HSA reservoir of production and injection wells of approximately 1,500 m at a vertical depth of 4,000 m. This separation is intended to avoid 'short circuiting' of geothermal fluid flow and maintain reservoir pressures.

The Proof of Concept stage geothermal well couplet is designed to demonstrate the capability of producing and injecting geothermal fluid at suitable temperature and flow rate for geothermal power productioon. Long term flow testing will enable the development of a robust geothermal reservoir model to predict long term operational characteristics under geothermal power plan operation.

Proof of Concept: Commencement Date: H2 2010 (subject to funding availability)

Stage 2 - Demonstration Plant

A successful Proof of Concept stage well couplet will enable long term flow testing to fully characterise the Geelong Geothermal Power Project HSA resource.

Present indications of permeability imply a successful Proof of Concept couplet may deliver sufficient fluid to achieve production of 6MWe Nett and may be practical for generation as a single Organic Ranking Cycle (ORC)modular unit.

A further two geothermal wells (one production and one injection) will be drilled from the same drilling pad. Two geothermal well couplets (two production and two injection wells) from the one well pad will tap approximately 3-4 km2 of reservoir area.

Individual drilling pads will be utilized to locate each 12MWe modular ORC geothermal power plant. This modular scale approach lends itself to replication across the Geelong Geothermal Power Project HSA resource as a method of cost effectively developing the full target reservoir to its potential 140MWe Nett.

Demonstration Plant Commencement Date: H1 2012

Stage 3 - Commercialisation

A pre-feasibility study of the intended Geelong Geothermal Power Project undertaken by Sinclair Knight Merz has developed the concept of 12 modular 12MW plants being developed across the HSA reservoir to deliver at total of 140MW.

The commercialisation stage of the GGPP is in a region of the grid with existing capacity with a favourable marginal loss factor (MLF) of greater than 1.

The 140MW Geelong Geothermal Power Project has the potential to deliver substantial base load, renewable, emissions free electricity along with significant carbon displacement potential.

Commercialisation Stage Commencement Date: H2 2012

GEP12 / 13

Latrobe Valley Investigation

The company has been planning a forward program to better understand the geology beneath the Latrobe Valley. The very thick brown coals in the area tend to obscure geophysical signals and makes mapping detail beneath the coals difficult. Greenearth Energy has, to date, focused on understanding heat flow and temperature at depth. The next phase is to commence mapping of the subsurface layering in this area, which is key to advancing its geothermal potential.  

Greenearth Energy has devised a comprehensive program of investigation which will commence in the coming 2009-2010 permit year. However, given the Latrobe Valley's large greenhouse gas footprint and the area's potential to contain both geothermal resources and reservoirs for greenhouse gas sequestration, the company Energy regards the better characterisation of the subsurface in the Latrobe Valley area as an issue of national importance. Accordingly, Greenearth Energy will continue discussions with both the Victorian and Federal Government, universities and industry on potential collaborative efforts to accelerate this important program.

Micro Earthquake (MEQ) Monitoring - Pilot Trial

The company commenced work for a trial of monitoring micro-earthquakes as a technique to indentify prospective geothermal areas.  This technique (which is used overseas) records earthquakes. Small earthquakes are numerous in the Gippsland area. From the recordings indicative patterns may be discernable that can help delineate major fracture zones and key sedimentary layers.  Also, the use of shear wave splitting may help define potential permeable zones.  Micro-earthquake monitoring while creating artificial fractures is common place, however, the use of monitoring natural micro earthquakes as an exploratory tool in this context is believed to be a first within Australia.  

The coordination agreement with the concurrent petroleum explorer, Lakes Oil N.L., enabled Greenearth Energy Ltd to gain access to the Loy Yang 2 petroleum well. A geophone (sonde) was placed at 1,350 m in the Loy Yang-2 well in November 2008. Another geophone has been placed at the surface. The sonde is continuously monitoring the occurrence of natural sub-surface activity which will be collated and interpreted.  By November 2009 there will be over 6 months of data, sufficient to fully review and assess the ability of this technique to accurately map the subsurface.

Robert J. Annells
CPA, F.Fin (Non Executive Chairman)
Mr Annells is a former member of ASX with over forty years experience in the securities industry and is a qualified accountant. His experience includes provision of corporate and investment advice to the business and resources industries. During the past seven years Mr Annells has also served as Executive Chairman of ASX listed oil and gas exploration company Lakes Oil NL, Chairman of ASX listed mining company Minotaur Exploration Limited, Non Executive Director of both Gippsland Offshore Petroleum Limited and Rum Jungle Uranium Limited, and Chairman of London based company Xtract Energy PLC.

John T. Kopcheff
B.Sc. (Hons)(Geology and Geophysics), SPE, AIMM (Non Executive Director)
Mr Kopcheff is a geologist and geophysicist, and holds a Bachelor of Science (Honours) from the University of Adelaide (1970). He has extensive petroleum experience in Australia, South East Asia, USA, South America and the North Sea, both in field operations and management. Mr Kopcheff is the Managing Director of Victoria Petroleum NL and is a director both of Kestrel Energy Inc and Great Panther Resources Limited.

Robert L. King
B.Sc. Dip Ed. M Env. Studies (Executive Director)
Mr King had 25 years experience working for the Geological Survey of Victoria. In 1985 he led a team that reviewed the geothermal potential of Victoria and produced a report that formed the basis for the current geothermal legislation and managed the Geological Mapping and Basin Studies Section in the Geological Survey. Mr King was the Director of Minerals and Petroleum Regulation Branch that administered licensing, occupational health and safety and environmental law covering offshore and onshore petroleum operations, oil and gas transmission pipelines, mines and quarries. Mr King was a member of a Federal Government team that formed to establish the National Offshore Petroleum Safety Authority and from 2005 he has been a member of its board.

Managing Director
Mark Miller Bsc Geology
Mr Miller has extensive senior management experience across a number of industries both domestically and internationally including downstream oil marketing, consumer products manufacturing and distribution, banking and finance as well as environmental technology. Mr Miller holds a Bachelor of Science Degree (Maj Geology) form La Trobe University, Melbourne.

Company Secretary
Vicki M. Kahanoff B Bus, CPA
Mrs Kahanoff is a qualified accountant (CPA) who has spent the majority of her career in the resources sector. Mrs Kahanoff spent eight years in the forestry sector, being initially employed in the native forestry sector, performing the management accounting function for the Department of Natural Resources in Orbost and then in Melbourne. On privatisationof the plantation section of the department Mrs Kahanoff was the management accountant, and then the financial accountant for the state owned enterprise, Victorian Plantations Corporation. She assisted in its successful sale to Hancock Victorian Plantations, now know as Hancock Victorian Plantations. During the last five years, she has been the corporate accountant and chief financial officer of Lakes Oil NL. These roles have involved overseeing all of the accounting functions as well a sasssisting in company secretarial functions.

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