$1.2 million grant brought forward for geothermal

Thu, 22 September 2011

The Commonwealth Government has brought forward $1.2 million of Geothermal Drilling Program grant monies to assist with the preparatory work for geothermal energy company Petratherm’s Paralana 3 well, located in the Flinders Ranges in South Australia.

Paralana 3 is the third in a series of geothermal drilling projects aimed at assisting Petratherm and its joint venture partners Beach Energy and TRUenergy determine the potential for commercial geothermal power production at the Paralana site.

The Commonwealth Government has agreed to bring forward the sum of $1.2 million by six months, in order to assist in the design of the Paralana 3 well, securing long lead plant items, and to secure a drilling slot.

Petratherm has been allocated a total of $7 million Geothermal Drilling Program (GDP) grant money for the Paralana project, delivered through the Commonwealth Government’s Australian Centre for Renewable Energy.

A total of $4.2 million has been spent under the GDP grant towards the drilling and fracture stimulation of the Paralana 2 well, and the remaining $2.8 million was originally allocated to be paid for activities once drilling of the Paralana 3 well had commenced.

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$1.2 million grant brought forward for geothermal

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