Petratherm's flagship Paralana geothermal energy project site is adjacent to the Mt Painter region of South Australia's northern Flinders Ranges. Last year, Petratherm and our joint venture partners completed the first of two deep wells required to begin creating a low-impact, fully operational geothermal energy pilot plant in 2011. The project was recently awarded a $62.8 million Federal grant.
Petratherm has secured a geothermal exploration licence on Tenerife - the largest of the seven volcanic islands comprising the Canary Islands’ archipelago off the northwest coast of Africa.
Petratherm is the only Australian geothermal developer formally endorsed by the Chinese and Australian governments through the Asia-Pacific Partnership. This involves Petratherm helping China - the world's fastest growing market for electricity - rapidly progress its highly promising geothermal energy opportunities.
The Company has been awarded a geothermal exploration permit (GEP) in Victoria's East Gippsland Basin to develop a Hot Sedimentary Aquifer (HSA) geothermal project. Preliminary economic analysis indicates that the project is capable of producing commercially viable, large scale base load, power generation.
Petratherm is set to become the first company to formally develop geothermal energy projects in Spain. It is undertaking geothermal projects in the key large electricity consuming markets of Madrid and Barcelona.
In February 2007 the Company acquired two geothermal exploration licences (GELs), located 26 kilometres northwest of Renmark in South Australia's Riverland Region. The tenements cover the highly prospective Renmark Trough and are ideally situated in very close proximity to two major transmission lines capable of carrying in excess of 220 MW of power (refer Figure 1).
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