One of Australia's most unique and timely public share offers, a $6 million Initial Public Offering (IPO) for Australian geothermal exploration company Torrens Energy Limited, opens today (Tuesday, 27 February 2007). The capital raised from the IPO will be applied to the initial exploration of the Company's large GEL land position in South Australia.
Unusually hot rocks are known to occur in South Australia. These rocks are a vast untapped reservoir of energy, which can be used to generate electricity. Cold water is pumped into the ground, with superheated water being returned to surface which is "flashed" into steam, to drive a turbine, to generate clean, reliable electricity. The Company's portfolio of geothermal exploration licences near Adelaide in South Australia capitalises on the unique combination of the right geological conditions coinciding with infrastructure and markets.
The Company plans to identify geothermal targets for development, to become a dominant player in efficient, reliable electricity generation in Australia, using sustainable, renewable, emissions-free geothermal energy. What sets Torrens apart is its proximity to infrastructure and markets, being the first Company to recognize the geothermal potential which exists just kilometres north of Adelaide, on the National Power Grid.
Torrens has already completed work that has confirmed the prospectivity of its licence areas; drill hole temperature data and rock thermal property measurements completed and independently verified, show temperatures of 200oC modelled to 5000m depth, on all of the Company's tenements in South Australia.