Geothermal Brings Petratherm to Market

Deep geothermal resources are waiting for the right investors in Australia. Petratherm (PTR) is a hot dry rock energy exploration company that plans to join the Australian stock exchange (ASX) later this month with an Initial Public Offering (IPO) of AUD$4 million (US $2.9 million).

Mile End, Australia – July 13, 2004 [] “Our aim is to establish large scale, commercially sustainable, emission-free, renewable energy for power generation by identifying and developing hot geothermal source rocks at temperatures in excess of 220 Celsius but no deeper than 3.5 km,” Chief Operating Officer Peter Reid said. Petratherm uses an exploration model designed to optimize the identification of the hottest rocks as near to the surface as possible. The technology was developed in partnership with the University of Adelaide, and allows economic evaluation of Hot Rock deposits without the need for deep and expensive drilling. The company plans to employ the technique over the next year to look for an economic geothermal hot rock source as part of a long term, five-stage development program. The company achieved its minimum IPO with 30 million ordinary shares at $0.20 cents per share to raise almost $6 million. They have also applied for a Commonwealth Research and Development Start Grant to supplement proceeds from the IPO for further project development and production research. A major shareholder in the new ASX listing is the Minotaur Resources group, which spun off its hot rocks tenement acreage and technology assets into the successful Petratherm float and listing.
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