Osiris Energy Pty Ltd is a focused geothermal resource developer with a strong technical team in early stage resource definition and an experienced management in resource development, fund raising and business development. We have currently secured geothermal prospects in Australia, and investigating international opportunities.

Geothermal resources have the potential to provide reliable base load electrical power to the Australian grid. Geothermal companies in Australia have reached an advanced “proof of concept” stage in the development of geothermal resources in South Australia. They were able to reach this stage of development for relatively little cost because other groups effectively discovered the resource during petroleum exploration operations. This is the case for most producing geothermal energy resources around the world and this is the strategy of Osiris Energy. Frontier exploration for geothermal energy is generally considered prohibitively expensive and is not our short-term strategy. Technology has made geothermal power plants viable and these include binary power plant technology, with 155 binary plants worldwide, improvements in drilling technologies and down hole pump technology, increased fracture stimulation experience and micro-seismic monitoring as a few examples. Many of these technologies have evolved through the petroleum and mining industries.

Our company objectives are to demonstrate a commercial geothermal resource for an economic development within five years. This is based on the development of the known geothermal resource in the petroleum producing Cooper and Otway basins as follows:

Stage 1: Flow test
Measure economic flow rates and temperatures in a single well, either an existing depleted petroleum well, or a dedicated well drilled by Osiris Energy.

Stage 2: Proof of Concept
Develop an underground heat exchanger and produce thermal energy from a two well ‘closed loop’ circulation test, using either existing petroleum wells or a dedicated production and injection well. Drilling of these wells is planned to commence within 5 years. In the company's Otway and Cooper Basin project areas it is possible that use of existing depleted petroleum wells could bring this timing forward substantially.

Stage 3: Complete underground heat exchanger and install an off-the shelf, binary geothermal plant to produce greater than 4Mwe of power. Stage 3 is planned to be completed within two years of the conclusion of Stage 2.

Stage 4: Expand production to large-scale commercial geothermal power generation (>50MWe) for long term sale of emission free electricity to the national electricity grid. There may be greater production potential at this stage if supported by any resource identified.

Osiris Energy Pty Ltd has several geothermal exploration tenements in Australia that it operates 100% and is actively pursuing additional project areas that fulfil our screening criteria.

Specific research and development targets in the near future for Osiris energy Pty Ltd are:

• Successful application of petroleum and mineral exploration methods and technologies to geothermal energy exploration
• Delineation of known and unknown geothermal resources in the Warburton Basin
• Analysis of shortfalls and limitations of existing resource exploration data, software and processes in the context of geothermal energy exploration
• Development of an understanding of the technical risks involved in frontier geothermal energy exploration