Geodynamics as operator of the Innamincka Joint Venture provides the following update on the well incident on April 24, 2009 at its Habanero 3 well site located near Innamincka in remote northeastern South Australia.
Water and steam are still flowing from Habanero 3.
Well control specialists remain on site and Geodynamics is acting on their advice to stop the flow.
Once the flow of water and steam has been stopped, the Company will be able to secure the well, examine the cause of the incident and assess future implications for the well.
The Company continues to closely monitor the situation, and further updates will be provided as more information becomes available.
The Company also confirms that the Joint Venture carries 'Control of Well' insurance (as mandated by government regulation) and insurance underwriters have been notified of the circumstances of the incident.
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Geodynamics
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As a [small] shareholder my view of this is long-term positive.
The engineering experience that needed to be gained and which will be gained from this incident is invaluable as the technology scales up. The impact of a well incident on a full scale facility would no-doubt be less given the redundancy which does not exist at this stage. The timing of this incident is extremely fortunate also, occurring as it has before the pilot facility's commissioning.
There is even a positive PR perspective: the incident is a graphic demonstration of the power source itself. Presumably the pumping of water into the system was stopped immediately so it is interesting that steam is still emerging 3 weeks after the blowout.
The only negative is having to wait another 6 to 12 months for tangible community benefits to come out of the project.
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