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Old 06-23-2009, 01:20 AM
Sparty Sparty is offline
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Default Petratherm beginds drilling Paralana Hot Rocks

Geothermal company Petratherm will begin drilling early this week at the Paralana project in South Australia's northern Flinders Ranges.


A $7 million funding agreement was signed last week between Petratherm, Beach Petroleum and TRUenergy geothermal.


Managing director Terry Kallis says the drilling rig has now been erected after being shipped from Dubai.


"It took something like 75 odd truck semitrailer loads to take it to the Paralana site, since that time it's been erected and tested and a lot of the plant and the camp has been assembled around it in preparation for drilling," he said.

Read about PTR in our "Company Spotlight" http://www.hotrockenergy.com/geothermal-stocks.html


PTRs "Heat Within Insulator Model" that allows for shallower, easier, drilling as the heat exchanger is established in the softer insulator rocks above the very hard, hot granites below. ( a saucepan sitting on top of natures nuclear reactor)
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Old 06-24-2009, 06:10 AM
Sparty Sparty is offline
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Default 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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