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Earth Heat Resources (ASX: EHR) is focused on the acquisition and development of green assets for electricity generation and sale. The portfolio of the Company mainly comprises approximately 180MW of operated geothermal developments worldwide, with its cornerstone assets in Argentina and Djibouti.
Argentina is home to the 30MW ...
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Earth Heat holds 100% interest in eight geothermal exploration licences (‘GELs’)covering circa 3,850km² in south Australia, in an area of higher heat flow which is known as the South Australian Heat Flow Anomaly ('SAHFA'). In addition, the Company currently has three further GELs on offer for grant which would bring the Company’s total tenement coverage in South Australia up to 13,000km². The SAHFA is a corridor through the eastern-central part of the Australian continent (Figure 1) where heat-producing rocks in the crust contain relatively high concentrations of radiogenic isotopes of uranium, potassium and thorium. The natural radioactive decay of these rocks produces high heat flow. A thick succession of sedimentary rocks contained within the Adelaide Geosyncline of South Australia represents an effective insulating blanket required to maintain high heat flow through units of high thermal conductivity in this part of the SAHFA.
Figure 1: The Australian Heat Flow map. The SAHFA is contained within the high heat flow corridor outlined in red. The Earth Heat GELs are located in the region surrounded by a green circle. Image provided by Geoscience Australia (accessed 27-8-2009) and represents the surface heat flow map for Australia with datapoints shown.Data was compiled from Cull (1982) and Pollack et al (1993).
The part of the Adelaide Geosyncline between Adelaide and Copley has attracted much interest from geothermal explorers recently, and the southeast corner of the ORROROO 1:250 000 geological map sheet has been identified by Earth Heat as highly prospective. Several prospects are contained within the compeight GELs where there is strong potential for Hot, Dry Fractured rocks ('HDR') and Hot Sedimentary Aquifers ('HSA').
The outcrop geology of the ORROROO 1:250 000 geological map sheet is dominated by the Neoproterozoic succession of the Adelaide Geosyncline (Figure 2). This succession is represented by the Adelaide System that comprises four ascending time-rock units designated as the Willouran, Torrensian, Sturtian and Marinoan series (Mawson and Sprigg, 1950; Sprigg, 1952) and is reproduced in Table 4.3 below. The style of folding on ORROROO is mainly of the concentric parallel type. Sedimentary units on the limbs of the folds are probably near theiroriginal thickness.
Faulting is closely associated with anticlines cored by diapiric sediments of the Willouran series. Radial faulting in the Yednalue anticline (Figure 3), is most likely related to diapiric intrusion during growth of the structure. Other mapped faults on ORROROO run along the hinge of anticlines that commonly emanate from diapiric cores. These were re-interpreted by Dyson (2002) as salt welds that were formed by evacuation of vertically emplaced diapirs. The best example of this type of diapiric structure is found at Oladdie Diapir, some 40 km northwest of the prospect areas, and represents the basis for an exploration model used by Earth Heat.
Heat sources regionally are interpreted to be a result of radiogenic basement, and or local intrusives which may also have a radiogenic makeup. Regionally, most of the SAHFA is located in areas where the TMI magnetics shows a strong response, suggesting that where there is a magnetic anomaly, this may be coincident with high heatflows and therefore potentially a source of heat. In analogous areas that have been the subject of recent exploration, excellent results have been published by companies such as Torrens Energy Ltd over such anomalies. Figure 4 shows the inferred relationship and heatflow, via the existing granted Exploration Licences in the region.
Where the GELs currently held by Earth Heat will be investigating the connection between basement heatflow, through diapiric units, and into potential heat reservoirs, it will be greatly assisted by a series of magnetic anomalies which could be local intrusive heat sources (Figure 5).
These potentially local heat sources will augment the ‘natural’ radiogenic heatflow transported into the reservoir (from basement) and increases the likelihood that a commercial resource may exist.
East of the GELs, magnetic anomalies are likely to be associated with radiogenic granites, and this is supported by Uranium exploration in the area. Should the unit within the Earth Heat project area be similar in composition to its eastern compatriots, this further enhances the potential for a heat source in the area. This is strongly supported by the information compiled and published by Geoscience Australia on Radiogenic Heat Generation (Figure 6 & 7).
Figure 6: Granite occurence and OZCHEM sample heat production map (Budd, 2007).
Dr Raymond Shaw (Chairman)
Dr Raymond Shaw is a geologist and geophysicist with more than 30 years’ experience in the resources, energy, sector including the oil, gas and coal industries. He commenced his professional career as a petroleum explorationist with Shell Development Australia in Perth, prior to working for various consulting groups including the Swiss based international consulting firm Petroconsultants SA, as resident director based in Singapore and responsible for its Far East operations.
He has consulted extensively to industry, government, and international aid agencies on a variety of resource projects throughout Australia and Asia, including the World Bank, Asia Development Bank and Ausaid. He was a part time consultant with the New South Wales Department of Mineral Resources for 7 years providing input for industry initiatives during the late 1990's and early 2000’s. Dr Shaw was founding Managing Director of Great Artesian Oil and Gas Limited prior to its listing on the ASX in 2003 until April 2007.
In May 2007 he became Executive Chairman of ASX listed Enterprise Energy Limited. In 2008 Ray Shaw oversaw the merger and backdoor listing of some $250 million of coal assets into Enterprise Energy as part of a restructuring and change in business to form Bandanna Energy Limited, of which he is currently Managing Director. Bandanna holds extensive thermal coal assets in the Galilee and Bowen basins of Queensland. He is also a director of Red Gum Resources Ltd.
Mr Torey Marshall (Managing Director)
Mr Torey Marshall is a geologist with broad based technical and business development experience in the minerals, petroleum and geothermal sectors. This has resulted in the successful execution of various exploration programs (some resulting in discoveries), in a number of different areas. Having worked extensively as an exploration geoscientist, his skills have been considerably expanded to include senior management experience of various private and public (unlisted) companies.
As part of his consulting practice, he has developed strategies for, and acquired projects on behalf of a number of clients at a number of scales such as; $1-$5m acreage transactions, $18m sale of a private company, evaluated and executed a $100m bid for a development project.
He has assisted a number of public and private (unlisted) companies build their businesses to enhance shareholder value such as Phoenix Oil and Gas Ltd, Australian Oil Company Ltd, Red Gum Resources Ltd, Great Artesian Oil and Gas Ltd & QGC Ltd (A BG Group Company). He is a director of Red Gum Resources Ltd.
Alexander Rose-Innes (Executive Director)
Mr Alexander Rose-Innes is a portfolio manager for long / short equities and global macro funds who has extensive experience working within the equity capital markets of Australia. With a strategic focus on the resources sectors of the ASX, JSE and FTSE markets, Alexander has a deep knowledge of African politics and business including a wide variety of contacts through his macroeconomic research that guides investment decisions. He was appointed to the Board of Earthheat in July 2010 and will be responsible for Business Development and Finance.
Alexander is currently employed as a Macroeconomic Analyst and Portfolio Manager at Coldstream Investment Holdings where he maintains a balanced portfolio of equities, derivatives, bonds and commodities. Previous experience includes Invicta Holdings Pty Led in South Africa and Publishing and Broadcasting Limited. He is fluent in English, Afrikaans and basic French.
Norman J Zillman (Non-Executive Director)
Mr Zillman holds a Bachelor of Science degree in Geology and a Bachelor of Science (with Honours) degree in Botany from the University of Queensland. Mr Zillman has nearly 40 years experience as a professional geologist. His initial training was as a petroleum geologist with international companies Aquitaine Petroleum in Papua New Guinea and Union Oil Company of California (UNOCAL) in Indonesia.
Mr Zillman has held positions of Exploration Manager and subsequently Deputy General Manager of Crusader Limited, General Manager Exploration and Production with Claremont Petroleum NL and Beach, and Manager of the Petroleum Branch of the Queensland Department of Mines and Energy and State Mining Engineer for Petroleum.
Mr Zillman has also held the position of Regional Manager of Northern Queensland for the Department of Mines and Energy based in Charters Towers where he supervised all aspects of mineral exploration and mining activities in that region including among others, the Ravenswood, Pajingo, Mt Leyshon and Thalanga mines. This broad experience base provided Mr Zillman with an intimate knowledge of the Queensland resource sector.
Consequently he has held a wide variety of public company positions including foundation Managing Director of Queensland Gas Company Limited, foundation Chairman of Great Artesian Oil and Gas Limited, Chairman of China Yunnan Copper Limited, director of Planet Gas Limited, non-executive Chairman of Blue Energy Limited an non-executive Chairman of Hot Rocks Limited. Mr Zillman is a Member of the Australasian Institute of Mining and Metallurgy and the Petroleum Exploration Society of Australia.
Mal Lucas-Smith (Company Secretary)
Mal Lucas-Smith has over 40 years experience in finance, executive and non executive management, property development, corporate secretarial and administrative services.
During that period he spent 12 years with State Bank of New South Wales and 18 years with the property finance and the property joint venture divisions of Australian Guarantee Corporation Limited, at the time a listed subsidiary of Westpac Bank.
Mal left AGC of his own accord in September 1987 to form a corporate services business and has since worked within and consulted to the corporate sector often assisting new start ups and existing operations proposing to list on the Australian Securities Exchange, and also providing local representative and registered office services for offshore entities.
He is the Company Secretary of Centrebet International (ASX listed), Healthlinx Limited (ASX listed), Medivac Limited (ASX listed) and Red Gum Resources (unlisted).
David Sutton (Non-Executive Director)
Mr Sutton has many years of experience as a director of companies in stockbroking and investment banking. He is a director of Martin Place Securities Pty Ltd, a licenced securities dealer where he is responsible for corporate finance and stockbroking activities. He is also a director of a number of listed companies including Imperial Corporation Ltd & Silver Mines Ltd.
Stephen Pearce (Non-Executive Director and Joint Company Secretary)
Mr Pearce is a practising lawyer who specialises in corporate and securities work in association with a corporate administration services company, Hastings Management Corp, in Vancouver, British Columbia. Stephen serves as a director and/or officer of the following Companies:Sable Resources Ltd (TSX-V listed), and Golden Goliath Resources Ltd (TSX-V listed).
Stephen has a law degree from the University of British Columbia and economics degree from York University.
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