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AWE Limited (ASX:AWE) has signed an MOU with Green Rock Energy Limited (ASX:GRK) subsidiary Mid West Geothermal Power to form a potential joint venture.
The JV aims to demonstrate the development potential of geothermal power generation in the north Perth Basin.
AWE has holdings in multiple oil and gas exploration and production permits in the north Perth Basin, where Mid West operates seven Geothermal Exploration Permits.
The first stage of the project will focus on selecting a drilling area to maximise the potential success of a geothermal drilling program, from which the JV will focus on securing commonwealth funding as part of the Emerging Renewable’s Program.
AWE generated a net profit of $13.2 million in the first half of fiscal 2013.
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