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Hot Rock, a geothermal energy company, has entered into an agreement towards receiving a $7-million grant for conducting a drilling and testing program at the company’s Koroit Hot Sedimentary Aquifer Geothermal Project located in southwest Victoria at the Otway Basin, Australia.

The Round 2 funding agreement of the GDP (geothermal drilling program) has been inked with the DRET (Department of Resources, Energy and Tourism) by Hot Rock. This program, termed as “Proof of Concept”, will test the geothermal reservoir’s potential to deliver hot water for a geothermal energy plant. This involves the drilling of two deep holes at the region of Koroit towards testing the rate of fluid flow and the water temperature of the reservoir.

Hot Rock has selected two potential drilling sites. The company is finalizing discussions towards supplying a rig for drilling the wells by 2011. Receiving GDP funding for this Koroit geothermal project will represent a major milestone for the company in moving towards electricity generation from geothermal energy within the coming two years in Australia.