Hot Rock lands $7 million grant

In Australia, Hot Rock Ltd. has signed a contract for a $7 million grant from the Australian government to carry out a drill and test program at the Koroit Hot Sedimentary Aquifer Geothermal Project in the Otway Basin in southwest Victoria. The funding is a Round 2 Geothermal Drilling Program (GDP) Agreement, which was signed with the Department of Resources, Energy and Tourism (DRET). The Proof of Concept program will test the potential of the geothermal reservoir to supply hot water to a geothermal power plant. This involves drilling two 12,000 ft holes in the Koroit area to test water temperature and fluid flow rate from the geothermal reservoir.