Hot Rock Limited is an Australian energy company formed to develop geothermal energy in Australia and overseas.
Strategically, the Company is focussed on exploring and developing its extensive portfolio of volcanic prospects in Chile and Peru complimented with Hot Sedimentary Aquifer prospects in Australia.
The Company moved early and acquired a wholly owned portfolio of projects with good evidence for geothermal reservoirs suitable for electricity generation in countries with attractive infrastructure, markets and government policy.
- HRL and Energy Development Corporation (EDC) commenced joint venture on the Quellaapacheta geothermal projects in Peru.
- EDC will acquire a 70% interest by paying HRL US$1m in cash, sole funding of certain resource development costs to financial close.
- The resource development stage of the project is expected to cost up to US$12m and includes geological, geochemical, geophysical surveys and at least one production well.
- Ongoing discussions with potential joint venture partners in both the Longavi and Calerias projects.
- Quotations have been obtained for undertaking an extended magneto telluric survey at Longavi in early summer 2013/14 and for the drilling of a slim well once a JV partner has been secured.
- Access permits have been organized with landowners over the past quarter to allow for the MT and drilling work to proceed.
- Detailed survey of 91 stations has been planned by EDC to complete the November-December 2012 magneto telluric (MT) survey consisting of 29 stations at the Quellaapacheta project
- Currently undertaking community programs for the Achumani project with land access agreements planning to being obtained by August 2013 after which detailed surface exploration surveys can be commenced, including (MT) magneto telluric resistivity surveys.
- HRL holds over 27,000km2 covering a large part of the on-shore Hot Sedimentary Aquifer (HSA) geothermal targets in the Otway Basin, Victoria.
- Koroit Project in the Otway Basin contains stored heat of indicated resource of 7,800PJ and inferred resource of 59,000PJ to a depth of 4000m.