Georgian Mining Share Discussion Threads

[richgit] 12/10/2016 09:35

I had often recently suggested that EUA needed a 100Million share trading day for a clear out and we have just witnessed 200Million+ in a couple of days.

I think OTC needs a 500Million volume for a clear out.

Both will no doubt consider consolidations eventually to create a better image and
attract more longer term holders.


GEO is now in that awesome situation whereby it has no doubt had its clear out of weak holders,and a healthy consolidation.

If The Management deliver more evidence that their "far greater" assets and
future returns is realistic, then those that will want holdings of £50k or more stock here will now have to truly fight for it at some point.

Gold has certainly witnessed some clear out-yet only in the Manipulations
of Paper Gold as Physical buyers pile in and will not budge.

Paper Gold is arguably an IOU of zero worth,and if more realise that Gold will not
be delivered by those Paper IOU`s then the Comex Casino would be finished.

With Deutsche recently joining others on non ability to deliver Physical Gold,
more cash settlements will be swept under the Carpet until the bulge of non delivery becomes obvious to everyone.

Whether that will be the Fed`s non ability to raise interest rates in December will
be the hindsight of so many possible events as the Banking crisis is potentially in its infancy,particularly in Euroland.

If only hindsight was the gift of foresight- yet maybe it is.


IMHO

[noirua] 12/10/2016 09:31

Maybe GEO will go for selling off their Austrian assets. May not be worth more than $1 to $1.5 million in total and likely to be a royalty on Gold and copper.

[iloveit] 12/10/2016 09:06

Directors now must show production of gold & copper within weeks before serious shareholder enquiries will be actioned I feel.CEO Greg seems to be worming around here with constant promises of shareholder hype of big assets and discovery gold & copper .10p a share so will he get the revenue promised now after recent changes to Nmg?

[yorgi] 12/10/2016 07:54

Well done Noirua thanks for that :-)

[noirua] 12/10/2016 02:13

Welcome to the new thread for Georgian Mining Corporation Limited. Not completely up and running as yet. ADVFN charts are not fully running as of creating thread.

[noirua] 12/10/2016 01:03

EPIC IS NOW EEE Empire Metals Limited

[oilbuy] 11/10/2016 09:18

Management made a PR pigs ear of this and the consolidation timing has been terrible. However the asset is world class. This could be seen as a buying opportunity

[the stigologist] 10/10/2016 23:32

They did RNS later saying it wasn't all sorted and it's going to be delayed

[sleveen] 10/10/2016 16:38

Stig

wrong chart?

[the stigologist] 10/10/2016 07:43

10 October 2016

Noricum Gold Limited ('Noricum or 'the Company')

Change of Name and New Corporate Website

Further to the announcement dated 6 October 2016, Noricum Gold is pleased to announce that it has changed its name to Georgian Mining Corporation.

Trading in the Company's shares under the new name will take effect from 08.00am BST today with the TIDM changing to GEO and the ISIN changing to VGG9688A1003.

In conjunction with the change in name the Board is pleased to announce a new website, is now live. Corporate information published pursuant to AIM Rule 26 of the AIM Rules for Companies is available from this website.

[noirua] 25/11/2015 13:00

No posts for over 10 years and now Noricum NMG are invested in Georgia:

NMG Noricum - On 19th November 2015 a new high grade copper target was identified at the Kvemo Bolnisi, one of two priorities located on the Company's 861 sq km Gold and Copper Project in the Republic of Georgia. · The discovery sits adjacent to an existing high grade gold superficial target previously identified as a potential starter pit. Due to the near surface nature of the mineralisation and its location approximately 2km from Madneuli Mine and processing plant owned and operated by Noricum's local partner. ·

[flyingswan] 26/11/2014 20:58

George Lockett, at Q & A with Energy Secretary Ed Davey at Energy Live 2014 - asked a question about development of Offshore Geothermal. The question was asked 24 minutes 45 seconds into the recording and ends at 27 minutes 30 seconds. Please see video below and share this, if you would like to see Geothermal Energy developed in the North Sea:

[flyingswan] 13/11/2012 08:00

I would just like to add that this article is current news and you may want to publish it as an Editorial Feature, as I will be presenting at the 9th Annual North Sea Decommissioning Conference November 21st-22nd, 2012, Ardoe House Hotel, Aberdeen.

- Offshore Decommissioning Alternatives: Geothermal Power Review the potential for Geothermal Energy development in the North Sea and ways in which this can be achieved
- Electric Power and Hydrogen Generation
- Enhanced (Secondary) Oil Recovery
George E. Lockett, International Geothermal Energy Consultant, North Sea Geothermal Power Project

Details can be seen on this link:


Here is the article again:
I would like to write the following reply to this article: Icelandic volcanoes could heat British homes, which appeared under Home Earth Energy:

Design Study may Lead to Two North Sea Interconnector Hubs to Service Geothermal Power

One hub would be 100 miles east of Aberdeen, interconnecting Scotland and the Nordic countries (Norway, Sweden, Denmark...), and the other about 100 miles east of Hull, interconnecting England, Holland and Germany.

Deep Geothermal is coming of age, and North Sea Geothermal has huge potential when compared to nuclear power. Here is some data for the Magnox type of nuclear fission reactor which was at the now decommissioned (2003) Calder Hall Magnox plant in Cumbria. One of the last Magnox reactors closed down this year; originally Wylfa (Anglesey)'s Reactor 2 was due to be shut down on 30 April, but it finished generating electricity on 25 April when the reactor was shut down at 19:02 BST.

This data refers to the high temperature steam that used to drive the turbines at the Calder Hall Magnox power plant:

• Flow rate: 180 tonnes per hour

• Pressure: 14 bar (about 200 psi)

• Temperature: 310 degC

The current knowledge of the Geothermal Gradient in the North Sea at these two hotspots where the Interconnectors will be situated is 35 degC per kilometre of depth, and to have a temperature of 310 degC coming to the surface we would need a bottom-hole temperature of 350 degC or 10,000 metres' depth.

This is about the current maximum design depth for North Sea drilling rigs. Here is an example:
"Lamprell self-elevating Mobile Offshore Drilling Platform of a
Super 116E (Enhanced) Class design, valued at US$ 227 million. The rig is designed to operate in water depths of up to 350 feet and will have a rated drilling depth of 30,000 feet"

The main difference in the above data will be the operating pressure: the Magnox had an operating pressure of 14 bar (about 200 psi); geothermal well pressures may be much higher and may need to be controlled by a choke. For example:
"Elgin-Franklin is the world's largest high-temperature / high-pressure (HT/HP) development. A new, record-breaking well was drilled to a depth of 6,100 m. with a temperature of 197 degC (387 degF) and a pressure of 16,750 psi (1,155 bar)."

As it is the pressure which does the work to generate electricity, and as the pressures are so high, perhaps a lesser depth may be appropriate and still produce the same power as a Magnox reactor did, which was about 40 MWe per reactor of power 24/7.

So how big will the Geothermal Reservoir need to be to achieve the same flow rates as a Magnox reactor did (180 tonnes per hour)?

The answer to this and the size of the Geothermal Licence may come soon from this Scottish Renewables Routemap Team:
"Further research still needs to be done. I explained in my previous letter that we would be commissioning a research programme to identify the next steps to take forward the commercial exploitation of deep geothermal energy, including the scope for licensing. This research is now underway and the results are expected to be available by Spring 2013."

So will the Geothermal Licence be by depth – remember the 35 degC / kilometre depth Geothermal Gradient – or by block, as in the oil and gas exploration industry?

Six power plant designs are being considered:
• Single screw turbine: The single screw turbine design from Turboden (www.turboden.eu) offers a 500 kWe to 12 MWe electrical output, in temperatures ranging from 90 to 200 degC (194 to 393 degF). For example, 4 x 12 MWe would be equal to a Magnox reactor – generating 48 MWe of electrical power.

• Natural gas let-down stations – twin screw turbine: The twin screw turbine design from Langson Energy (www.langsonenergy.com) produces 1 MWe electrical output, operating in temperatures of between 177 and 288 degC (350 to 550 degF) and up to pressures of 600 psi.

• Steam Screw Expander systems: The expander sets of Heliex Power Ltd. (www.heliexpower.com) are rated from 70 to 350 kWe, with energy recovery from steam and other fluids in the temperature range 150 to 300 degC (302 to 572 degF).
• Hydraulic thermal engine: The Natural Energy EngineTM from Deluge (www.delugeinc.com) currently offers 250 kWe of electrical output, although there are plans to increase this to 1 MWe. It can operate in temperatures up to 82 degC (180 degF) using CO2 as the working fluid.
• Kalina Cycle: Uses an ammonia-water mixture as the working fluid ( Compared to the conventional Rankine cycle, a Kalina cycle power plant may offer efficiency gains of up to 50% for low heat energy sources such as geothermal brine at 150 to 210 degC (302 to 410 degF). The Kalina Cycle is in use in Iceland.

For comparison – the High Pressure Steam of the Magnox Reactor Plant that was at Calder Hall:
Turbine system (2 units per reactor):
High-pressure steam pressure at turbine stop valve 14 kg/cm²
High-pressure steam temperature at turbine stop valve 310 degC
High-pressure steam per set (77% total) 90,000 kg/hr.
Low-pressure steam pressure at turbine stop valve 3.7 kg/cm²
Low-pressure steam per set (23% total) 26,900 kg/hr.


The final conditions for the Calder Hall reactors before closure were a dual steam cycle with an electrical output of about 40 MWe per reactor, with an inlet gas temperature of 336 degC and a steam pressure of 14 kg/cm². The corresponding outlet temperature and pressure are 140 degC and 3.5 kg/cm² respectively.

This outlet temperature in a geothermal situation in the North Sea could be sold on to the oil companies to do secondary/enhanced oil recovery on depleted oil fields, to extend the life of the oil output and to melt the heavy tars.

The Scottish Parliament has stated that no new nuclear power stations will be constructed in Scotland. In March 2012, E.ON UK and RWE npower announced they would be pulling out of developing new nuclear power plants, placing the future of nuclear power in the UK in doubt.

Geothermal Power in the North Sea could be a viable alternative.

Traditionally, once an oil or gas field reaches the end of its productive life its production platform is decommissioned. The structure may be removed and taken ashore for recycling/reuse, or part of the platform may remain on the seabed, perhaps creating an artificial reef. However, another alternative is becoming a more viable option – utilising the platform to extract geothermal energy.

This could create a whole new North Sea Industry employing thousands of workers in new productive jobs in the offshore and onshore support industries.

Geothermal power holds out enormous opportunities to provide affordable, clean energy that avoids greenhouse gases like carbon dioxide (CO2). Geothermal Energy is true base load, producing electricity 24/7.

The continental shelf in the UK where these platforms are situated has a relatively thin earth's crust (about 10 km thick compared to 40–70 km thick on land), giving the wells high bottom-hole temperatures: typical Geothermal Gradients of 35 degC/km have been recorded in the continental shelf crust.

Elgin-Franklin is the world's largest high-temperature / high-pressure (HT/HP) development; a new, record-breaking well was drilled to a depth of 6,100 m. with a temperature of 197 degC (387 degF) and a pressure of 16,750 psi (1,155 bar).

Heat from these wells can be utilised to generate electricity on board the platform that can be sent to the national grid via subsea cables. North Sea platforms have the advantage of being surrounded by cold sea water, which is at a much lower temperature than the onshore air cooling towers that are the conventional means of condensing a generating plant's working fluids after they have passed through the turbines.

It is also possible to reinject the waste heat remaining in the fluids back into the oil-bearing level in order to increase field pressure and flows, thereby enhancing secondary oil recovery and extending field life. Furthermore, it is also possible to discover lower oil fields when drilling to greater depths to tap the geothermal energy under the platforms.

Great potential
Geothermal energy has huge potential when put in context against other energy reserves. When one looks at the planet on which we live one sees that all the fossil fuels, i.e. coal, oil and gas, come from the earth's crust. The crust makes up only 0.4% of the total mass of the planet, the remaining 99.6% being hotter than 500 degC within the crust, increasing to 5,000 degC at the core. The pressures within the earth are constantly generating this heat naturally. This means that geothermal energy is infinite in its nature, as it is naturally renewable.

There are many areas of the world where hot water/steam reservoirs (Hydrothermal Fields) exist naturally. These are usually associated with fault lines between continents, and volcanic areas where hot springs, geysers and fumaroles are common. Recent research carried out in Russia, in the Kola Peninsula, has revealed moving fluids and open fractures at depths in excess of 12 km. This discovery has led to a review of current deep geological thinking and has opened up the development of geothermal energy extraction for electrical power generation.

Research project
Geothermal energy could have the potential to extend the life of North Sea rigs and platforms by a further 30 years (platforms can be extended by 30-year increments, as a plant will need refurbishing every 30 years; concrete structures have a 300-year life) both by being used for electrical power generation and by bringing geothermal heat from a lower level to heat up oil fields to help recover heavier tar oils.

If it makes economic sense to connect the UK to France by cables to utilise French nuclear power, then it must also make economic sense to connect these platforms to the mainland to utilise geothermal power.

"Interconnectors in North West Europe will lead to electricity flows following the rules of supply and demand. So it will flow where it is needed, which is good for our security of supply", the UK's Department of Energy and Climate Change (DECC) said.

UK energy minister in April 2012 Charles Hendry and the Icelandic ambassador have discussed the idea of an interconnector to transport renewable energy from Iceland's geothermal and hydro sources to UK homes.

With voltage drops over long distances it makes more sense to use North Sea Geothermal Energy than to bring Geothermal Power 500 miles from Iceland. Shorter Interconnectors must make sense; and to be producing the power in UK waters and selling it to other European countries would make commercial sense too for Scotland and other parts of the UK as well.

[flyingswan] 31/5/2012 08:41

Here is a presentation at All-Energy 2012 in Aberdeen on "Geothermal Potential in North Sea Oil and Gas Industries", which includes a section on Enhanced Oil Recovery. – 27 minutes:

North Sea platforms can be used to generate green Geothermal Energy, George E. Lockett said in this video recording of his All-Energy 2012, Geothermal Session Presentation.
The presentation goes into details of why the North Sea is a good location by describing that the Earth's Crust gets thinner as we move offshore. There is also cold sea water for condensation of working fluids.
Lockett describes how Enhanced and Secondary Oil Production can be created by steam flooding oil reservoirs, after generating electrical power from the geothermal fluids to extract heavy oils and tars.
High Pressure High Temperature (HPHT) Fields – these may be some of the best locations for geothermal energy and they are about 150 miles east of Aberdeen.
He describes how power can be generated from Natural Gas flows at high pressure, as the pressure is reduced; and how this can be done where gas mains change pressure to service the domestic market too, using a Gas Letdown Generator.
The geothermal power can be connected to the National Grid or used to generate Hydrogen by electrolysis.
Lockett describes how some of the £30 billion decommissioning budget for the North Sea could be used to extend the life of Platforms by creating a new Geothermal Energy Industry. This new geothermal industry would employ thousands of workers in new productive jobs in the offshore and on-shore support industries.

What research still need to be done help this project forward.
Issue licences for Geothermal Energy Development in the North Sea.
Map the Geothermal Gradient of existing Oil and Gas Wells - Bottom hole temperatures. i.e. the temperate at each kilometre of depth within the well and produce this as a Map of the North Sea Area.
Stop the Oil Companies plugging and abandoning wells until the geothermal energy potential has been logged. Especially if they strike hot water or steam instead of oil or gas.
Provide funding for a demonstration project, to be built in a favourable location, within the North Sea to Demonstrate the technology.

I hope you find the above of interest and look forward to further discussion on this subject.

[flyingswan] 20/5/2012 10:28

Old oil and gas platforms 'are mega source of green energy'
Jason Allardyce
The Sunday TimesPublished: 20 May 2012scotland
...billion, they could be converted to obtain geothermal power. George Lockett, an international geothermal energy consultant, will tell the All-Energy...in talks with Iceland to exploit huge geothermal resources from the country's volcanoes...

Does anyone have a Scottish Edition to post the full article.

[grupo guitarlumber] 02/3/2012 09:09

IPR-GDF SUEZ Asia signs for two geothermal projects
2 March 2012 | 08:04am
StockMarketWire.com - IPR-GDF SUEZ Asia has signed 30-year power purchase agreements for two 220MW geothermal projects with Indonesia's state-owned utility PLN.

IPR-GDF SUEZ Asia signed the deals with project partners PT Supreme Energy and Sumitomo Corporation.

The two projects, called Muara Laboh and Rajabasa, are planned to be built on Sumatra island to deliver power to the region which continues to experience high demand growth.

Both projects are included in the Indonesian government's second fast-track programme, of which around 4,500MW should come from geothermal sources.



At 8:04am: (LON:IPR) International Power share price was +11.15p at 361.25p


Story provided by StockMarketWire.com

[flyingswan] 30/10/2011 11:47

Geothermal Power Stations on North Sea Rigs – the Question is, Decommission or Convert?
The All-Energy 2011 Conference and Exhibition held in Aberdeen, Scotland in May, was the perfect location to consider the future use of North Sea platforms when the oil and gas fields become uneconomic for carrying on production.
With Reykjavik, the capital of Iceland, which produces most of its power from Geothermal, situated just 500 miles North West of Scotland and with a grid of electrical power cables shortly to be laid offshore to connect offshore Wind Farms back to the on-shore National Grid, Geothermal Energy is becoming more and more cost-effective in the North Sea.
It is time to look for alternate uses for offshore platforms when it becomes uneconomic for them to continue production. One alternate use could be the extraction of geothermal energy. The continental shelf in the UK where these platforms are situated has a relatively thin earth's crust, giving the wells high bottom-hole temperatures. Heat from these wells can be utilised to generate electricity and, by the use of submersible cables, to help power the national grid.
The rigs are surrounded by cold sea water, which is at a much lower temperature than the on-shore air cooling towers that are the conventional way of condensing the working fluids after they have passed through the turbines.
Governments around the world are constantly looking for new, innovative forms of energy. Geothermal energy has by far the greatest potential when put in context with the reserves of all forms of energy.
When one looks at the planet on which we live, we see that all the fossil fuels, i.e. coal, oil and gas, come from the earth's crust. The crust makes up only 0.4% of the total mass of the planet, the remaining 99.6% being hotter than 500°C within the crust, increasing to 5,000°C at the core. The pressures are constantly generating the heat naturally. This means that geothermal energy is infinite in its nature, as it is naturally renewable.
There are many areas of the world where reservoirs exist naturally. These are usually associated with fault lines between continents, and volcanic areas where hot springs, geysers and fumaroles are common.
Recent research carried out in Russia in the Kola Peninsula has revealed moving fluids and open fractures at depths in excess of 12 kilometres. This discovery has led to a review of current deep geological thinking and has opened up the development of geothermal energy extraction for electrical power generation.
George E. Lockett, who has been researching Geothermal Energy for the last 35 years, said at the exhibition: "Geothermal Energy has the potential to extend the life of North Sea rigs by a further 30 years both by being used for Electrical Power generation and by bringing Geothermal Heat from a lower level to heat up oil fields to help recover the heavier tar oils, etc."
George is also working with U.S. partners to convert Texas oil wells into Geothermal Power Stations and use the electricity for topping up the Electrical Grid and for Hydrogen Generation through fuel cells.
A lot of attention has been paid to Turbine design, and George is undertaking a research project in the U.S. with partners to compare four different designs of turbines, which all have different characteristics, to assess the most efficient design for each temperature band and type of Geothermal Energy Source.
A team of experts is being drawn together to move forward on this project. Those who feel they may have a contribution to make to the development of Geothermal Energy in offshore applications can contact George E. Lockett by email: [e-mail]
In areas like the North Sea, UK oil and gas drilling is carried out from platforms. Normally up to 20 wells are drilled from a single platform. Each year the oil output of these well falls by 16% and at some point in time they will be uneconomic to continue to use for oil production.
These platforms have the advantage that they are on the continental shelf, where the earth's crust is thin. High bottom-hole temperatures, combined with large quantities of cold sea water, make them ideal locations for geothermal energy power generation. If it makes economic sense to connect the UK to France by cables to utilise cheap French nuclear power, then it must also make economic sense to connect these platforms to the mainland to utilise geothermal power.

[waldron] 21/7/2011 14:24

CHEERS SWANIE

but alas, not available in my area

ie FRANCE

[flyingswan] 21/7/2011 14:17

Richard Hammond's Journey To... -

1. The Centre of the Planet


Richard Hammond uses a giant 3D virtual Earth, stunning CGI, the latest satellite imagery and beautiful locations around the world to show how the planet works.

[grupo guitarlumber] 15/6/2011 11:34

GDF Suez: JV To Develop 3rd Geothermal Project In Indonesia
First Published Wednesday, 15 June 2011 09:26 am - © 2011 Dow Jones
PARIS -(Dow Jones)- French power group GDF Suez SA (GSZ.FR) Wednesday said it entered a joint venture along with Marubeni Corporation (8002.TO) and Supreme Energy for the development of the Rantau Dedap geothermal project located in the South Sumatra province.
MAIN FACTS:
- The agreement follows the appointment of Supreme Energy as winner of the concession tender and the award of the geothermal mining license to PT Supreme Energy Rantau Dedap, the company charged with further development of the project.
- Supreme Energy and IPR-GDF SUEZ were joined by Marubeni Corporation to constitute a partnership bringing to the geothermal sector in Indonesia an unmatched combination of technical skills, geothermal expertise and IPP development and operation experience in Indonesia and worldwide.
- Supreme Energy Rantau Dedap will negotiate the Power Purchase Agreement (PPA) with PT. Perusahaan Listrik Negara for the sales of the electricity from the geothermal resource before starting exploration activities and the development of the power generation plant upon successful exploration.
- The targeted 220 MW geothermal power plant in the Rantau Dedap area is part of the Indonesian government's second 10,000 MW accelerated electricity development program. It will contribute to meeting the rising need for electricity in the country, using renewable energy resources.
- By Paris Bureau, Dow Jones Newswires; [phone];

[waldron] 11/3/2011 12:12

U.K. May Boost Subsidy on 'Unexploited' Geothermal Power Plants
By Louise Downing - Mar 9, 2011 8:15 AM GMT+0100
inShare.0More
Business ExchangeBuzz up!DiggPrint Email .The U.K. may boost subsidies for geothermal energy, predicting that an industry that now has a single well nationwide can supply as much as 10 percent of consumer electricity needs.

Government officials have started reviewing aid programs for renewable energy plants, including those whose turbines draw heat from at least 2 miles below the Earth's surface, said Greg Barker, the U.K. energy and climate change minister.

Prime Minister David Cameron's administration, seeking 200 billion ($325 billion) in investment to replace aged power stations in the next decade, also has pledged to reduce fossil fuels emissions by a third and to double the portion of electricity coming from renewable sources by 2020. That's forcing officials to look beyond the wind, nuclear power and natural gas industries for low-emissions energy.

"Deep geothermal energy is an exciting renewable energy source with considerable unexploited potential," Barker said in an e-mailed response to questions made to his office.

GDF Suez (GSZ) operates the U.K.'s only deep geothermal well, providing heat to buildings in Southampton along the south coast. EGS Energy Ltd. and Geothermal Engineering Ltd. have won planning approval for generation projects in the region. Further incentives may be needed to draw bigger investors such as Israel's Ormat Industries (ORMT) Inc., Chevron Corp. (CVX) and Enel Green Power SpA (EGPW), which are tapping bigger geothermal projects in the U.S., Asia and Europe, executives said.

'Non-Existent'
"The geothermal industry in the U.K. is non-existent at the moment," said Padraig Hanly, chief executive GT Energy Ltd., an Irish project developer. "There is no sufficient financial support mechanism in place to drive it forward."

U.K. government officials are currently examining support levels for small and large-scale clean-energy generation under its feed-in-tariff and Renewable Obligation Certificate systems. The tariffs guarantee above-market prices for power from clean and low-carbon sources. The ROCs, as they're known, must be bought by utilities that don't generate enough renewable energy.

The government also is considering how to stimulate renewable-heat projects, which moderate temperatures in buildings. It may support geothermal technologies as part of that effort.

The Department of Energy and Climate Change is due to announce incentives for renewable heat next month. The first decisions from the review of subsidies under the feed-in-tariff may come by July, with new prices coming into force in April 2012 under a program announced Feb. 7. For subsidies under the ROC system, results may be published in the second half of the year, with new rates active from April 2013.

'Hotspot'

Barker said the southwest of the U.K. including Devon and Cornwall is a "hotspot" for geothermal energy, with the potential to supply 2 percent of the nation's electricity. His department estimates the technology eventually could generate 10 percent of power nationally. Hanly of GT Energy says it could supply 30 percent of heating needs.

Geothermal wells, which bore 2 miles or more into pools underground of steam or hot water as much as 300 degrees Celsius (572 degrees Fahrenheit), provide around-the-clock power. The supply, once tapped, is more reliable than intermittent wind and solar energy. Heat pumps work at more moderate temperatures closer to the surface to heat and cool buildings.

Bigger Markets
Worldwide, geothermal wells with a capacity to produce about 10.8 gigawatts of power are operating, and 13.2 gigawatts more are planned, Bloomberg New Energy Finance estimates. The largest development pipelines are in the most developed markets, which are the U.S., the Philippines and Indonesia.

Britain has the expertise to drill wells, completing 191 for oil and gas companies last year according to the lobby group Oil & Gas U.K. Ltd. To date, geothermal developers have shied away from Britain because of uncertainty about planning rules and government incentives, said Nomura Code Securities Ltd., a London-based investment bank considering funds for the industry.

"These issues have been a key concern for investors when discussing potential financing," said Ken Rumph, equity research analyst at Nomura.

Developers want higher subsidies and insulation from drilling risks before they pour money into geothermal projects. Hanly said he's received indications from Barker, the government minister, that officials may be willing to increase the number of ROCs that can be earned by geothermal energy projects with the capacity to generate more than 5 megawatts.

More ROCs
"We spoke with Minister Greg Barker, and in my opinion he might give us four ROCs," which is double the current level, Hanly said. "What could be a way forward is to put a cap on the amount of capacity deployed to decrease financial exposure to the Department of Energy and Climate Change."

Doubling the subsidy level through ROCs would result in geothermal electricity earning about 195 pounds a megawatt-hour, up from the current 98 pounds. Tidal energy developers also are pushing for an increase in the number of ROCs they earn to five from two.

The energy department obtained 200 million pounds for funding low-carbon technologies from the Treasury in October. It indicated 60 million pounds will be spent on offshore wind port development, leaving 140 million pounds that has yet to be allocated.

In the past two years, the government has invested 5 million pounds in the industry. It slashed grant funding from its Deep Geothermal Challenge Fund to 1.1 million pounds from 2 million pounds for 2010. Marine energy by comparison received 54.6 million pounds in the past 18 months. A single geothermal well costs about 10 million pounds, according to Ryan Law, chief executive of Geothermal Engineering.

Daldrup & Soehne AG (4DS), a German drilling company, is seeking at least 300 euros ($420) a megawatt-hour to prospect for geothermal electricity in Britain.

"If there is a friendly setting of industrial partners and of the government we will be keen to invest in the U.K.," said Dietmar Brockhaus, a spokesman from Daldrup.

To contact the reporter responsible for this story: Louise Downing in London at [e-mail]

To contact the editor responsible for this story: Reed Landberg in London at [e-mail]
.