ASX/Media Release
6 August 2003
Origin Energy Invests in Geodynamics
Origin Energy Limited (“Origin”) advises that it has entered into an agreement with Geodynamics Ltd (“Geodynamics”) to join Woodside Petroleum as a cornerstone investor in that company. Origin will subscribe for 10 million fully paid ordinary shares in Geodynamics at an issue price of $0.50 per share, subject to approval by the Geodynamics shareholders. This will give Origin an interest of around 19% in Geodynamics. Geodynamics’ announcement regarding this transaction is attached.
For further information contact:
Mr Bruce Beeren
Executive Director, Commercial
Origin Energy Limited
Telephone: (02) 9220 6301
Geodynamics' announcement:
Geodynamics secures Origin Energy as second Cornerstone Investor
Geodynamics is pleased to announce that Origin Energy Limited has agreed to become a cornerstone investor in Geodynamics. It has been agreed that Origin Energy will subscribe for 10 million fully paid ordinary shares in Geodynamics at an issue price of $0.50 per share, subject to shareholder approval. As a cornerstone investor, Origin Energy will provide to Geodynamics advice on the power market and power transmission.
As part of the agreement, Origin has the right to appoint a non-executive director to the Board of Geodynamics and the parties have agreed to negotiate a power purchase agreement (PPA). Under the terms of the PPA, Origin Energy will have the right to purchase 50% of the power generated by Geodynamics from its geothermal projects including Renewable Energy Certificates (REC’s) and environmental credits at a discount to the then market price. Origin also has a right of participation in future share issues pro rata to its then percentage shareholding in Geodynamics.
Origin Energy’s cornerstone investment agreement completes Geodynamics’ long held strategy to access the expertise of major Australian energy companies in the development of the world class Hot Dry Rock geothermal resource in the Cooper Basin. Origin Energy and Metasource (a wholly owned subsidiary of Woodside Petroleum) more than meet these requirements.
The extra injection of funds will ensure that Geodynamics is in a position to meet any unforeseen project expenses during Stage One of its business plan.
The Managing Director, Dr Bertus de Graaf commented: “this is a very pleasing outcome. The cornerstone investment commitment by Origin Energy, Australia’s foremost integrated energy Company, provides credibility to both Geodynamics and its plans for the development of the Cooper Basin Hot Dry Rock geothermal resource. Origin Energy’s expertise fully complements the expertise of Metasource, our other cornerstone investor.”
For further information please check our website (www.geodynamics.com.au) or contact Dr Bertus de Graaf on 07 3721 7504.
Bertus de Graaf
Managing Director
For further information contact:
Mr Bruce Beeren
Executive Director, Commercial
Origin Energy Limited
Telephone: (02) 9220 6301
Geodynamics' announcement:
Geodynamics secures Origin Energy as second Cornerstone Investor
Geodynamics is pleased to announce that Origin Energy Limited has agreed to become a cornerstone investor in Geodynamics. It has been agreed that Origin Energy will subscribe for 10 million fully paid ordinary shares in Geodynamics at an issue price of $0.50 per share, subject to shareholder approval. As a cornerstone investor, Origin Energy will provide to Geodynamics advice on the power market and power transmission.
As part of the agreement, Origin has the right to appoint a non-executive director to the Board of Geodynamics and the parties have agreed to negotiate a power purchase agreement (PPA). Under the terms of the PPA, Origin Energy will have the right to purchase 50% of the power generated by Geodynamics from its geothermal projects including Renewable Energy Certificates (REC’s) and environmental credits at a discount to the then market price. Origin also has a right of participation in future share issues pro rata to its then percentage shareholding in Geodynamics.
Origin Energy’s cornerstone investment agreement completes Geodynamics’ long held strategy to access the expertise of major Australian energy companies in the development of the world class Hot Dry Rock geothermal resource in the Cooper Basin. Origin Energy and Metasource (a wholly owned subsidiary of Woodside Petroleum) more than meet these requirements.
The extra injection of funds will ensure that Geodynamics is in a position to meet any unforeseen project expenses during Stage One of its business plan.
The Managing Director, Dr Bertus de Graaf commented: “this is a very pleasing outcome. The cornerstone investment commitment by Origin Energy, Australia’s foremost integrated energy Company, provides credibility to both Geodynamics and its plans for the development of the Cooper Basin Hot Dry Rock geothermal resource. Origin Energy’s expertise fully complements the expertise of Metasource, our other cornerstone investor.”
For further information please check our website (www.geodynamics.com.au) or contact Dr Bertus de Graaf on 07 3721 7504.
Bertus de Graaf
Managing Director
