Australia:

Petratherm Chairman's Report to AGM (4-traders)

Derek Carter, 

Petratherm Chairman

Petratherm continued to distinguish itself as a leader in the geothermal sector, achieving important milestones despite a challenging and uncertain market and political environment.

The company's flagship Paralana geothermal energy project continued to take centre stage as the company prepared for the creation of an underground reservoir. The project, which remains one of only two active geothermal projects in Australia, is amongst the most advanced engineered geothermal projects in the world.

A combination of joint venture funding and additional funds sourced from the equity markets was used to progress the company's portfolio of projects and work programs. The highlights of the year, was success of the fracture stimulation and flow test undertaken at Paralana in July and October 2011, respectively.

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