Drilling begins at Paralana geothermal joint venture project

1st July 2009

Geothermal energy developer Petratherm and its joint venture partners Beach Petroleum and TRUenergy Geothermal have began drilling at the Paralana Geothermal Project site in Australia.

Under the terms of the Paralana Joint Venture Agreement, Beach Petroleum will be the operator in relation to the drilling operations and stimulation needed for the two-well, proof of concept stage of work.

The Paralana JV project has been awarded a $7m geothermal drilling programme grant by the Australian Federal Government, specifically aimed at assisting and accelerating the HEWI proof of concept. Beach Petroleum and TRUenergy Geothermal will contribute $10m and $6m, (plus their equity share of project costs) respectively, towards drilling and stimulating the first and second deep wells and the water circulation between the two wells.

Beach Petroleum is an oil and gas company headquartered in Adelaide that farmed-in to the Paralana Project in January 2007.

TRUenergy Geothermal is a wholly owned subsidiary of the CLP group, one of the largest publicly listed power businesses in Asia Pacific.

Copyright © 2009 NewNet