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Green Rock Energy awarded prime geothermal concession in Hungary

Green Rock Energy awarded prime geothermal concession in Hungary

Green Rock Energy (ASX: GRK) should trade higher after its 46% owned subsidiary, CEGE, has won the geothermal concession tender in the Jászberény area in eastern central Hungary.

This includes the well now owned by CEGE, which was successfully evaluated for its geothermal potential in October 2010.

CEGE is now preparing for negotiations with Government on terms and conditions, which should be completed by mid-April.

The Jászberény geothermal concession covers an area of 396 square kilometres and includes several areas
previously drilled by joint venture partner MOL looking for petroleum.

It lies 80 kilometres east of Budapest and has high voltage electricity transmission and low voltage distribution lines running through the concession area for rapid commercialisation.

The concession is for a period of 35 years covering geothermal exploration and production from depths greater than 2500 metres; drilling to such depths is necessary to produce geothermal fluids hot enough for efficient generation of electricity.

Green Rock expects to raise equity in Europe to fund its share of the geothermal project company, a process which can now be pursued with renewed intent.

The company will make further announcements as this opportunity progresses.

Capitalised at around $2 million, Green Rock is well placed to capitalise on recent improved ASX market sentiment towards clean energy companies.

 

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