Funding confirmed
Petratherm Ltd (ASX:PTR) and its joint venture partners - Beach Petroleum Ltd (ASX:BPT) and TRUenergy Geothermal - have announced that the conditions relating to the $7 million geothermal drilling program grant (GDP) funding agreement, signed on May 29, have been met in principle.
The existing REDI grant will be terminated by mutual agreement.
The Federal Department of Resources, Energy and Tourism has advised that the conditions have been met in principle which allows funding payments to be made.
Upon receipt of the final executed REDI Deed of Termination the conditions will be completely satisfied and unconditional.
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