Geodynamics: Loser

Submitted by Marco on 5 November, 2006 - 19:11

Geodynamics GDY Stock Price Chart

Geodynamics was the worst performing stock on the Australian sharemarket this week. (Loser of the week for week 43 of 2006) Geodynamics (GDY) closed the trading week 19 percent lower. The GDY share price has slumped on news that the federal government’s decision not to offer a grant to support its proposed Stage Three 40 megawatt demonstration power station. Geodynamics was hoping for a slice of the government’s $500 million Low Emission Technology Demonstration Fund. The company says it has meet the government guidelines, however chief executive Adrian Williams was told the proposal was currently premature. The Australian government's decision was based on delays in Geodynamics' Habanero 2 well, which has resulted in the company being unable to use a $5 million grant for its stage 2 pilot plant.

Geodynamics Limited is listed on the Australian Stock Exchange (ASX) under stock code GDY. You can view their investor website here. GDY was listed on the ASX on 12 September, 2002. The company is involved in the development of renewable geothermal energy from Hot Dry Rocks (HDR) geothermal energy - the only Australian publicly listed company to do so. Browse for Australian stockbroker recommendations. Geodynamics was previously a winner and a loser this year. Check your charts and good luck with your share trading!