Cradle Resources acquires geothermal assets in Australia
Coolum Beach, Sunshine Coast, Queensland, Australia (source: flickr/ neilalderney123, creative commons)
Carlo Cariaga
3 Jan 2024
Cradle Resources has completed the acquisition of Within Energy and Volt Geothermal, including geothermal assets in Queensland and South Australia.
Mineral resource company Cradle Resources has announced the successful acquisition of 84% stake in Australian geothermal firms Volt Geothermal Pty Ltd (Volt) and Within Energy Pty Ltd (Within). The two firms have geothermal assets in Queensland and South Australia.
Following the acquisition, Matt Kay has been appointed as the Managing Director of Cradle Resources. A previous update indicates that Cradle Resources has completed a capital raise for $6 million to fund the proposed work program for the geothermal projects and as a working capital. The company previously published a Prospectus for investors for the purpose of this capital raise.
Shareholders have also approved the change of the company’s name to “Earths Energy Limited.” This is how the company will be referred to as it recommences trading on the Australian Securities Exchange (ASX) within January 2024.
Following completion of the acquisitions, Cradle plans to focus on systematically exploring early-stage geothermal targets and developing geothermal resources. This will involve a fit-for-purpose exploration program analysing subsurface geology to identify thermal resource potential at different well depths, undertaking preliminary survey and resource assessments based on offset well data, exploration location definition and exploration drilling. The results from these initial investigations and assessments will determine priority targets for further exploration drilling for geothermal resources.
Within Energy has acquired a total of six Geothermal Exploration Permits across Queensland in Australia as of a September 2022 update.
