Petratherm Continues Paralana Geothermal Exploration & Drilling in Australia

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Researched by Industrial Info Resources Australia (Perth, Australia)--Petratherm Limited (Adelaide, South Australia), in a 21% joint venture partnership with Beach Energy Limited (Glenside, Australia), continued drilling and exploration work on the Paralana Geothermal Project in Australia. The company recently was awarded a $13 million conditional grant by the Australian Renewable Energy Agency (ARENA) to fund the drilling and stimulation works of the Paralana 3 Production Deep Producer Well.

Funds will be issued only when Petratherm secures the additional $5 million in equity (market and/or joint venture partner(s)) by end of 2013.

As part of this project, Petratherm already has completed drilling of a 1,800-metre borehole and the 4,003-metre Paralana 2 well. It also finished flow testing at Paralana 2 in October 2011. Petratherm is currently at work on Paralana 3, a producer well that is created around the existing Paralana 2 well, to identify the site's commercial potential and energy resources.

Successful drilling tests will see the commissioning of large-scale hydraulic stimulation works of Paralana 2 and 3, which will be performed until the end of 2014.

Subject to the positive and sustainable production flow rates, Paralana expects a total electricity generation of 7.5 megawatts (MW) from the first two phases of the geothermal project, with approximately 3.5 MW in each phase. Construction will begin on Phase I by end of 2015, and commissioning of the power plant is expected in 2016. Phase II construction will begin after the completion of the Phase I project.

Petratherm has plans for a 30-MW expansion as part of the Phase III project, while the entire project eventually will be commercialized on a larger scale to produce approximately 300 MW of electricity. Development of the larger scale of the project is only subject to the financial and commercial viability at the time of construction.

The first two stages of the project will include installation of an 11-kilometre underground, 33-kilovolt transmission line that will supply the electricity from the power plant to the Beverley Uranium Mine.

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