Transitioning to renewable energy is vital for combating climate change and reducing CO2 emissions. Geothermal energy, sourced from the earth's crust, presents a promising alternative. While shallow geothermal energy extraction grows steadily, tapping into deep Hot Dry Rock reservoirs poses challenges. Sustainable utilization of deep geothermal energy is crucial for large-scale electricity generation. Australia's Habanero enhanced geothermal system (EGS) projects faced obstacles due to complex fracture networks. Borehole heat exchangers (BHEs) offer a solution, circulating a working fluid without direct contact with geofluids. This study assesses coaxial BHEs' feasibility in the Habanero reservoir using a 2D axisymmetric model (2D-AM), comparing it with a simpler 1D depth-integrated model (1D-DIAM). Both models yield similar outcomes. Additionally, results indicated that the production temperature of the coaxial BHE exponentially decreased from 250 °C to 100 °C within 10 h, rendering energy recovery for electricity generation unsuitable after 10 h of operation. The study proposes an energy recovery cycle of 10 h followed by a 110-h shutdown. Injection temperatures and flow rates significantly impact production efficiency, while steel casing's thermal conductivity has minimal influence on heat exchanger performance.