Gullewa, though its wholly owned subsidiary, Gullewa Geothermal Pty Limited, is pursuing an aggressive strategy of identifying and acquiring an interest in projects considered potentially capable of generating base load electrical energy from deep hot rock geothermal sources in eastern Australia.

To date, a substantial very prospective and strategic tenement has been acquired in Tasmania, and several significant opportunities in other States are under active evaluation.

The following activities were achieved in the March, 2010 quarter:

  • A geothermal assessment report on Gullewa’s 3,000km2 Tasmanian Special Prospecting Licence (SPL) 9/2009 was completed by consulting firm Hot Dry Rocks Pty Limited.

This report highlighted several key areas which warrant detailed investigation, and the Company will focus future exploration work on these priority target areas.

  • A field program was initiated to locate existing drill holes from previous exploration in at least one of the high priority areas on SPL 9/2009.  The aim is to conduct temperature surveys to assess local heat gradients and several possibly useful drill holes were located for this purpose in the Hampshire area.
  • Preliminary geothermal assessments were also undertaken on specific new target areas in several other eastern States.

The following work is planned for the June 2010 quarter:

  • Continue assessments of new opportunities in other States with a view to identifying specific areas worthy of more detailed investigation and tenement acquisition.
  • In the Hampshire project area within SEL9/2009 in Tasmania, the Company will undertake down hole temperature logging and drill core rock conductivity studies where possible in suitable drillholes.