Eco Innovator November 2011
New World Energy in WA
and Philippine Geothermal Projects
Perth based unlisted geothermal
energy developer New World Energy Limited has entered new projects in
WA and the Philippines.
In WA, New World Energy and
listed fellow WA geothermal explorer Green Rock Energy are to merge their
geothermal exploration permits in the Mid West region of the state, with
each company acquiring 50 per cent interest in the other company's permits
and contributing equally to project funding.
Green Rock will operate the
joint venture, which will seek to establish a grid-connected geothermal
"This mutually beneficial
joint venture will create a single entity with access to the best geothermal
areas in WA that are adjacent to transmission infrastructure and major
baseload energy markets," said John Libby, managing director of New
World Energy. It will also allow both companies to pool their technical
and financial resources and be more cost effective.
Green Rock's managing director
Richard Beresford said "Green Rock considers the Mid West Geothermal
Power Project a strong contender for State and Commonwealth funding towards
drilling the first two wells. Working jointly with New World Energy further
strengthens our prospects and we look forward to further progress on funding
over the next few months."
In the Philippines, Geoenergy
Inc, a 40 per cent subsidiary of New World Energy, is to acquire five
high-potential geothermal projects. New World Energy said this will underpin
its strategy of building a portfolio of high-quality, Asian geothermal
projects in the "ring of fire" region, which has over 30 per
cent of the world's geothermal electricity production.
The most advanced project is
the Mabini geothermal project in southern Luzon, where the company is
targeting a 20 MW development. Geoenergy is planning to drill the first
test well in 12 to 18 months.
New World Energys (in blue) and Green Rock Energys
(in red) exploration tenements in the Mid West of WA are contiguous.
Geoenergy has the right to
acquire up to a 70 per cent interest in the Mabini Geothermal Service
Contract in consideration for funding the completion of one exploration
well. New World Energy will earn a 68 per cent economic interest in Mabini
under agreement with Geoenergy and its partners.
At 190°C Mabini is a moderate
temperature geothermal system with an Inferred Geothermal Resource of
27 MW and a 25 year life.
The other four projects are
also in the southern Luzon region and have strong indications of geothermal
systems being present. Geoenergy said it will aggressively explore these
projects once they are granted by the Philippines Department of Energy.
"The Philippines is the
world's second largest producer of geothermal energy and has considerable
remaining potential," said Mr Libby. "We will utilize the country's
skilled geothermal workforce and operate within its proactive Renewable
Energy Act, which provides generous incentives to encourage investment
in renewable energy projects."
Geoenergy is a partnership
between New World Energy, Filippino geothermal drilling and development
experts Filtech Energy Drilling Corporation (FEDCO with 30 per cent, and
local renewable energy company PhilCarbon Inc with 30 per cent.
"Having now established
ourselves in the Philippines, New World Energy will use the country as
a launching pad into the rest of the Asia region which is undergoing a
clean energy revolution, particularly since the Fukushima nuclear incident,
said Mr Libby.
New World Energy is a geothermal
energy exploration and development company focused on Australia and Asia-Pacific.
It is the largest geothermal energy landholder in WA with permits covering
prospective areas in the Pilbara and Mid West regions.