Adelaide Advertiser
Friday 15/5/2009 Page: 79
TWO South Australian hot rocks explorers have met the Federal Government's eligibility criteria for grants under the Renewable Energy Demonstration Program. The applications by Petratherm and GeoDynamics will now undergo a merit assessment with outcomes to be announced by the Department of Resources, Energy and Tourism in August. The $435 - million REDP is part of the Federal Government's $500 million Renewable Energy Fund.
GeoDynamics has applied for a $90 million REDP grant for a commercial demonstration plant at Cooper Basin. Efforts are still underway to stem the flow of water and steam from its Habanero - 3 geothermal energy well following an incident on April 24, GeoDynamics commercial manager Alistair Webb said.
Explorer Petratherm - on behalf of joint venture partners Beach Petroleum and TRUEnergy Geothermal - has sought $62.8 million for a 30MW commercial demonstration project - expected to cost about $200 million - at Paralana. Petratherm also raised $7 million through a shareholder purchase plan and an institutional share placement.
Its SPP raised $4.3 million at 26 cents per share, while the placement with Taylor Collison clients brought in $3.1 million at 32 cents a share. The funds raised will be applied to fund ongoing exploration and development of the company's projects, in particular, at Paralana, Petratherm chairman Derek Carter said in a statement.
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