New Geothermal Letter of Intent (9219A)

TIDMRHEP

RNS Number : 9219A

Rheochem PLC

09 February 2011

9 February 2011

Rheochem Plc

("Rheochem" or the "Company")

New Geothermal Letter of Intent

Rheochem plc, the oil and gas business with oil services, production, development and exploration assets is pleased to announce that its 100% owned Australian subsidiary Rheochem Ltd has signed a letter of intent with Geodynamics Limited to proceed to a contract to supply drilling fluids and related engineering services. The proposed contract is subject to agreement on terms and final negotiation and is for an initial two years with the potential to add a further two year extension based on mutual agreement.

Geodynamics is the leading Australian geothermal exploration and development company. Holding geothermal licences over highly prospective areas in South Australia, New South Wales and Queensland, Geodynamics' current focus is on commercialising the extraction of energy from its geothermal tenements near Innamincka in South Australia's Cooper Basin, where the world's hottest known deep granite resources exist.

Haydn Gardner, CEO of Rheochem said:

"We are very pleased that Geodynamics has chosen Rheochem to provide these services. Rheochem's technical team developed ultra high temperature drilling fluids for this program and we look forward to the utilisation of these fluids on this project and for other international geothermal applications."

- Ends -

For further information please contact:

 
 Rheochem 
 Haydn Gardner, CEO                 +61 (8) 9410 8200 
 Financial Dynamics 
 Billy Clegg / Edward Westropp / 
  Alex Beagley                      +44 (0) 20 7269 7207 
 Northland Capital Partners 
  Shane Gallwey                     +44 (0) 20 7492 4775 
 McCall, Aitken, MacKenzie 
  Andy Yeo                          +44 (0) 20 7763 6025

This information is provided by RNS

The company news service from the London Stock Exchange

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