Petratherm (PTR)

Shares / Stock Code

PTR

Stock Exchange / Sharemarket

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Petratherm (PTR) is an exploration company searching for geothermal energy. The company's geothermal exploration projects lie within the South Australian Heat Flow Anomaly. Through a partnership with the University of Adelaide, Petratherm has developed methods to locate potential hot rock reserves in a cost effective manner.

Petratherm was established on 24 October 2003 with the aim of obtaining tenements suitable for the production of economically viable hot rock energy, together with methodology and research data to assess the potential of such tenements. The company listed on the Australian stockmarket (ASX) in July 2004.

PTR's differentiating factor is its commitment to using 'hot rocks' as a source of energy. Hot rock power offers the following advantages: its a renewable resource; has zero greenhouse emissions; is cost competitive with coal and gas power plants; it can provide large scale base-load electricity; and has low environmental impact.

As the company is currently in research and exploration phase it does not have any customers. Potential customers include electricity retailers and wholesalers. PTR competes with other geothermal energy exploration companies, as well as producers of alternative renewable energy such as Green Rock Energy. The Company’s subsidiaries include MNGI Pty Ltd and Petratherm Espana SL.

Paralana Project

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 company's 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.

East Gippsland Project

Petratherm 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

Renmark Project

In February 2007 the Company acquired two geothermal exploration licences (GELs), located 26 kilometers 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