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Geodynamics nets $8.5M tax refund for geothermal research in Cooper Basin

Last updated: 16:00 31 Jan 2014 AEDT, First published: 15:00 31 Jan 2014 AEDT

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Geodynamics Limited (ASX: GDY) has received a research and development tax incentive refund of $8.5 million from the Australian Government’s Research and Development Tax Incentive Program.

Geodynamics' claim relates to the costs of research and development conducted on its Cooper Basin Enhanced Geothermal Systems Project during the 2012/2013 financial year.

In December 2013, the company acquired geothermal minnow KUTh Energy, delivering a portfolio of projects and prospects held by KUTh in the Pacific Islands.

Geodynamics is also pursuing the Savo Island Geothermal Power Project nearby in the Solomon Islands.

Geodynamics is certainly one of the better funded ASX alternative energy companies, now boasting a cash balance of around $40 million as of yesterday, compared to its market capitalisation of $30 million.

 

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