The founders of New World Energy have been investigating geothermal energy in Australia since 2006. These investigations confirmed that geothermal energy is a potentially significant source of energy for Australia, and led to the establishment of New World Energy for the purpose of acquiring and developing geothermal tenure.
After a detailed assessment of the geothermal prospectivity, land access and legislative issues across Australia, New World Energy identified Western Australia as the State with the greatest potential for the large-scale delivery of geothermal energy.
In October 2007 New World Energy applied for two geothermal exploration licences in South Australia over prospective areas in the Cooper Basin and Renmark region. These licences were subsequently granted in August 2008.
In February 2008 the first geothermal release over the highly prospective Perth Basin in Western Australia was opened for applications via a competitive tender process. New World Energy submitted 13 applications over what it considered to be the most prospective areas for viable geothermal resources. In August 2008 New World Energy was successful in 12 of its 13 tenders and subsequently accepted nine of these for granting.
In February 2009 tenders closed for a Geothermal release covering the Pilbara region of Western Australia. New World Energy submitted applications over the areas with the best potential to host viable geothermal resources. In September 2009 New World Energy subsequently accepted seven geothermal permits, giving it the dominant position in the region.
In November 2009, New World Energy completed its first geothermal resource estimate at its Jurien-Woodada project in the Mid West region. Renowned geothermal consultants Hot Dry Rocks Pty Ltd estimated Hot Sedimentary Aquifer Inferred Geothermal Resources totaling 120,000 PJth, making this project the most advanced geothermal project for electricity production in Western Australia.