The money will fund a second well for the $62 million Paralana project in South Australia's Flinders Ranges, which taps naturally fractured shales just above the hot basement rocks.
The equity target will open up a potential further grant of $27.5 million from the Australian Renewables Agency – which was abolished in Tuesday's budget but will see out nearly 200 legacy projects totaling $1 billion – allowing the company to build a demonstration plant.
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