Strike Energy has struck a deal to acquire 100 per cent of the existing geothermal rights of the Perth Basin, Western Australia, via the acquisition of Mid West Geothermal Power.
Chief executive officer and managing director Stuart Nicholls said between Strike’s gas resources and potential future geothermal power, the Perth Basin could be a supplier of low-cost and low to zero carbon energy into WA for more than 50 years.
“As one of the leading experts of the Perth Basin’s Permian sandstones, Strike has recognised the renewable energy potential of the area which it believes could be a unique nationally significant geothermal resource,” Nicholls said.
“This geothermal resource is 100 per cent complementary to Strike’s existing gas business and has the potential to generate meaningful operational and subsurface synergies with Strike’s substantial gas interests.”
Strike highlighted that its pursuit of the geothermal opportunity amplifies how it is intending to be the driver of WA’s energy transition and its long-term commitment to producing energy and fertiliser products with the lowest feasible carbon footprint.
The company’s understanding of the Permian sandstones of the North Perth Basin has greatly increased as result of the exploration and development of the Waitsia, West Erregulla and Beharra Springs gas fields in the Perth Basin.
The geothermal business will have immense overlap with Strike’s exisiting operations and intellectual property, in that its core competencies in subsurface mapping and identification of the Permian sandstones, deep Perth Basin onshore drilling, land access and community/regulatory engagement are all requirements for a successful geothermal operation.
Strike has outlined that it has several integration opportunities for its own organic source of clean renewable energy.
This includes the 10MW hydrogen electrolyser proposed at project Haber, which could be supported by its own dedicated source of geothermal power, and will facilitate the manufacturing of green fertiliser.
Mid West Geothermal Power director Mark Ballesteros added that the company believes the North Perth Basin contains one of the most prospective geothermal resources in Australia.
“We are excited to be consolidating with Strike and recognise that their technical and operational expertise offers immense synergies that will facilitate realising the substantial geothermal potential of the area,” Ballesteros said.