Geodynamics and Origin Energy have signed a memorandum of understanding (MoU) for exploration of geothermal potential in shallow geothermal resources in license areas that already exist for the joint venture, in Eromanoga Basin in South Australia.

The new MoU is a separate document from the already existing joint venture between the two companies, which has been referred to as Innamicka Joint Venture. This JV has now been renamed to Innamicka Deeps Joint Venture.

The new JV, dubbed Innamicka Shallows Joint Venture, is split right down the middle in terms of ownership. Origin Energy will assume the role of JV operator. The new project will focus on exploration at depths of about 3000 meters, where lower temperature reservoirs are expected to exist.

Both companies are hoping to achieve diversification in supplies of geothermal energy, providing investors with access to an extended geothermal portfolio.

[source: Geodynamics, image: Geodynamics]