Earths Energy upgrades geothermal projects assessment in new detailed feasibility study

Earths Energy has increased the scope of its current study into a more comprehensive techno-economic feasibility study
Study will provide clear path to maximise energy production and integration of potential CCUS technologies
Areas to be evaluated includes the viability of integrating next-generation technologies

Special Report: Earths Energy has expanded the scope of an initial techno-economic assessment of its flagship Paralana and Flinders West geothermal projects in South Australia into a comprehensive feasibility study.

It follows a review of project data and status by energy consulting business GLJ that indicated the two projects are among the most advanced geothermal projects in Australia, with over $40m spent on study and fieldwork to date.

Preliminary reviews by GLJ have demonstrated the potential for Paralana and Flinders West to capture, store and utilise carbon emissions in addition to being green source of baseload commercial power production.

As recently announced, Earths Energy (ASX:EE1) has the ability to produce baseload power in South Australia and anticipates being able to earn between $250 and 300 per megawatt hour (MWh) during the early mornings and late afternoons.

“We are excited to scale the study of our geothermal projects in South Australia to include a more comprehensive feasibility study, including the evaluation of both geothermal opportunities and carbon sequestration,” Earths Energy CEO Josh Puckridge said.

“We anticipate this study will assist us to develop a clear path to maximising both energy production and the potential for the integration of CCUS technologies, to deliver on our vision of green baseload power production that contributes meaningfully to Australia’s energy transition.

“Earths Energy is committed to advancing these projects swiftly, leveraging the expertise of GLJ and our experienced team.”

GLJ vice president, New Ventures and Technical Services, Greg Owens added that with expertise in both conventional and emerging geothermal technologies, the GLJ team provides valuable geothermal advice to help understand and leverage the latest advancements in extraction technologies.

“GLJ is recognised as a global leader in Carbon Capture Utilization and Storage (CCUS) evaluation. Our preliminary review of Earths Energy’s projects in South Australia gave us confidence to embark on a techno-economic feasibility study and we look forward to working with Josh and his team to deliver this in a timely fashion,” he said.

Study objectives

The feasibility study will evaluate the viability of integrating next-generation technologies including advanced and enhanced geothermal systems along with supercritical CO₂ geothermal plants.

These technologies have the potential to significantly enhance both energy output and commercial viability by allowing for shallower drilling depths, which reduces capital and operating costs.

It will also identify and mitigate any critical issues that could impact project success, verify and delineate existing resources to determine the most appropriate extraction technologies for each project area, and develop potential scenarios, reservoir simulations, cost estimation for well design and surface facilities, and comprehensive economic modelling.

This work is expected to be completed before, or during, December 2024 and EE1 anticipates updating the market of the study’s progress and findings during this time, confident the analysis will provide a strong foundation for advancing development and unlocking the projects’ full potential.

This article was developed in collaboration with Earths Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.