Petratherm’s announcement “regarding funds” was also made on Tuesday 20th February. Petratherm has been awarded a $5m REDI grant by the Federal Government “to develop the next stage of its Paralana Geothermal Energy Project.

This will involve the creation of an underground heat exchanger within the insulating rocks above the granite heat source, that is, Petratherm’s HEWI Model, and will require the drilling of two wells and establishing circulation of water between those wells.”