Petratherm JV and Panax Geothermal sign documents to receive given government grants
MNGI Pty Ltd (Paralana joint venture project by Petratherm, Beach Petroleum and TRUenergy) and Panax Geothermal Limited both signed the Grant Funding Agreement, which provides them with AU$ 7 million each out of the Australian Geothermal Drilling Grant Program.
In recent announcements by the companies, MNGI Pty Ltd (Paralana joint venture project by Petratherm, Beach Petroleum and TRUenergy) and Panax Geothermal Limited both signed the Grant Funding Agreement. The agreement closes the first round of the Australian goverments geothermal drilling program’s allocation of funds. Both companies now receive the AU$ 7 million each for the drilling part of their projects.
The actual news: “Petratherm Ltd (ASX:PTR) and its joint venture partners, Beach Petroleum Ltd (ASX:BPT) and TRUenergy Geothermal, today announced the recent signing of the Grant Funding Agreement relating to the $7m Paralana geothermal drilling program.
The grant was awarded to the Paralana joint venture project by the Commonwealth Government Department of Resources, Energy and Tourism for drilling the two deep wells involved in the HEWI proof of concept work starting soon at the Paralana geothermal site in the northern Flinders Ranges.”
“Panax (Geothermal) was awarded the AU$7 million grant for the drilling of Panax’s Salamander-1 production well, which is on schedule to spud in mid-September 2009. Under the terms of the Grant Agreement, 60% of the grant amount is expected to be received prior to the spud date, as part compensation for pre-spud expenditures such as mobilization, tubular, etc.