Petratherm Ltd revealed on Monday 4th a farm-in deal with the major energy company TRUenergy.

Under the terms of the deal, TRU can earn up to a 30% stake in PTR’s Paralana project in three stages: 10% for $6m towards drilling and stimulating two wells, 5% for $7m for a 7.5 MW pilot plant, and 15% for $44m for a 30 MW demonstration plant.

The deal requires Foreign Investment Review Board approval and is conditional on PTR securing a suitable drilling rig within three months.