Company Name Change (30th November 2010)

On 30th November, at the Annual General Meeting, it was unanimously agreed to change the company name from Geothermal Power Pty Ltd to GT Power Pty Ltd. This name change was approved by ASIC on 30th November, 2010.

About GT Power Pty Ltd

GT Power (GTP) is a Perth based company, established in 2007. The core business of GTP is to provide emission free energy using heat from geothermal aquifers. In July 2009, GTP was successfully granted three exploration licenses (GEP7, GEP8 & GEP9) covering approximately 60% of the Perth metropolitan area. These licenses are administered under the Petroleum and Geothermal Energy Resources Act 1967, and subsidiary legislation (WA).

Perth has significant potential for geothermal energy applications with the city sited directly over the deep Perth Basin, which consists of sedimentary layers up to 10km deep and includes several aquifers. These aquifers can yield large volumes of hot water which, depending on temperature, can drive processes such as desalination, industrial heat processes, swimming pool heating and space heating and cooling. With temperatures in the order of 120°C it is possible to generate electricity.

The company has selected permits that provide an excellent opportunity for direct use, where large scale air-conditioning in particular can be driven by geothermal energy, while offsetting use of peak period electricity. Over the past months, we have discussed with many potential clients the application of geothermally driven air-conditioning, and have generated a great deal of interest. Key will be the first deep (3km) drill hole into the central Perth Basin to test the flow rate and temperatures at these depths. We are fortunate in having the CSIRO project located on our permit GEP 8, and sufficiently close to the adjacent GEP 7 boundary, which will provide invaluable information which can be used to extrapolate across the area.

Our plan in the short term is to secure a shallower project which can demonstrate how direct use can be applied for a lower temperature application such as low grade industrial heating, and also use this project to gain information on the deeper stratigraphy which will be tapped into for higher temperature applications, such as air-conditioning.

In The News - $47.3M Federal Grant for SKA project (9th June 2010)

The Federal Government announced that the CSIRO will receive $47.3 million for the development of solar and geothermal energy technologies to power a radio-astronomy observatory and its supporting computer centre. Partnerships will be essential in delivering these projects, and CSIRO is excited at the opportunity to work with industry partners Horizon Power, GT Power and DirectEnergy, its research partners through the Western Australian Geothermal Centre of Excellence, the Geological Survey of Western Australia and the WA Government.

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"future providers of emission-free energy"