Petratherm provides company update
In a recent update Australian Petratherm Ltd. provides details about the development of its projects.
In a recent company update to the South Australian Resources & Energy Investment Conference in Adelaide, also released to the Australian Stock Exchange, Petratherm provides details about the development of its projects.
Key points as laid down by the release:
- The Paralana Geothermal Energy Project is on schedule to spud-in the Paralana 2, 4 kilometre deep well in six weeks - mid June 2009.
- The Paralana Project has received further endorsement and recognition, with its success in gaining a AU$7M Geothermal Drilling Program (GDP) funding offer, with funds expected prior to the spud-in of Paralana 2.
- HEWI “Proof of Concept” for Paralana is planned to be achieved during first half of 2010 & first power in late 2010.
- Paralana JV has applied under the AU$435 M Renewable energy demonstration program (REDP) for one-third funding for a AU$200M, 30 MW demonstration project.
- Geo-Madrid 8 MW district heating project is in the advanced stages of its feasibility assessment – has attracted JV interest from large European energy utility Dalkia.
- Strong government support for renewable energy and the geothermal sector continues with last week’s COAG plans to increase to the renewable energy certificate (post-tax) penalty from AU$40/MWh to AU$65/MWh and extending the period to 2030 enabling greater certainty and improved NPV for geothermal project investment.
Source: Company Presentation/ Release via The Age