Australian Petratherm Ltd. updates in half-year report

Alexander Richter 15 Mar 2009

Petratherm Ltd. (ASX:PTR) provides a report on its activities in the last 6 months until December 31, 2008.

In a company report to the Australian Stock Exchange, Petratherm Ltd. (ASX:PTR) provides this update (in summary) on its activities in the last 6 months until December 31, 2008.

During the six months to 31 December 2008, the Company continued developing a balanced portfolio of quality geothermal energy projects in Australia, Spain and China, particularly focusing on its more advanced projects at Paralana, Madrid, Tenerife and Gran Canaria.

The Company’s flagship Paralana project made considerable progress during the period with the addition of TRUenergy as a joint venture partner (in a AU$57 million deal for up to 30% project equity), the securing of 2000 HP rig, the completion of various geophysical studies and an application for a $7 million geothermal drilling grant.

Concurrently, the Company advanced its Geo-Madrid geothermal district heating project completing a pre-feasibility assessment, completing a successful well re-entry program and commencing a full feasibility assessment of the 8 MW project. A work program for Tenerife and Gran Canaria was prepared during the period with the assistance of specialist conventional geothermal consultant, Sinclair Knight Merz.

The Company was awarded a 9000 km² geothermal exploration permit in Victoria’s Gippsland basin to develop a hot sedimentary aquifer (HSA) project.

Non-executive director, Dr. Lloyd Taylor retired from his duties with the Company as of 31 August 2008. The Company expresses its thanks for his valuable contribution.

At the end of the period the Company held AU$3.39 million (US$ 2.2 million) in cash and has access to a AU$5 million REDI grant and joint ventures with Beach Petroleum and TRUenergy.”

Source: Company announcement via Sydney Morning Herald