Petratherm's flagship Paralana Geothermal Energy Project is located 600 kilometres north of the city of Adelaide in South Australia and is adjacent to the Mt Painter region of the northern Flinders Ranges. The project is testing for viable geothernmal sources generated by the radiogenic decay of high heat producing Mesoproterozoic basement rocks of the Mt Painter Complex. Petratherm, in joint venture with a major oil and gas company, Beach Energy, are initially seeking to build a 3.75 MWe commercial power development to supply a local off-grid mine, with the long term objective of providing large scale (520 MW) power through the national grid.
Petratherm is set to become the first company to formally develop geothermal energy projects in Spain. It is undertaking geothermal projects in the key large electricity consuming markets of Madrid and Barcelona.
Petratherm is the only Australian geothermal developer formally endorsed by the Chinese and Australian governments through the Asia-Pacific Partnership. This involves Petratherm helping China - the world's fastest growing market for electricity - rapidly progress its highly promising geothermal energy opportunities.
The Company has been awarded a geothermal exploration permit (GEP) in Victoria's East Gippsland Basin to develop a Hot Sedimentary Aquifer (HSA) geothermal project. Preliminary economic analysis indicates that the project is capable of producing commercially viable, large scale base load, power generation.