Australia:

Petratherm Raising Up to $1.77M to Advance Paralana Geothermal Project, Acquisitions (Proactive Investors)

Map showing location of the Paralana Project
(Courtesy Petratherm)

Petratherm is raising up to $1.77 million to advance its Paralana geothermal project in South Australia and fund new project acquisitions or joint ventures.

The company’s Paralana project was  awarded a $13 million grant in June by the Australian Renewable Energy Agency (ARENA), or about half the next stage of project works designed to demonstrate commercial energy extraction.

This involves the drilling and stimulation of the Paralana 3 well - a producer well into the hot rock reservoir created around the existing Paralana 2 well.