PETRATHERM LTD
Drilling Rig Secured For Paralana Project
PTR - Paralana Project Update - Mr Terry Kallis, Managing Director
Thu, 4 Sep 2008 11:30AM
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Mr Terry Kallis
Thu, 4 Sep 2008
11:30AM Australia/NSW
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PETRATHERM LTD (PTR)
ASX code: PTR
Website:
Industry: Energy
Principal Activities:
Exploration for sources of geothermal energy.
Address:
, , 105-106 Greenhill Road,
UNLEY
SA
Phone: (08) 8274 5000
Fax: (08) 8272 8141
Executives & Directors
Mr Derek Carter , Chairman
Mr Terry Kallis , Managing Director
Mr Richard Bonython , Non Exec. Director
Mr Richard Hillis , Non Exec. Director
Mr Simon O'Loughlin , Non Exec. Director
Mr Donald Stephens , Company Secretary
Company Podcasts
Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
PETRATHERM LTD (PTR) Events
Australia/NSW
PETRATHERM LTD (PTR)
| Appendix 3B | Wed, 1 Jul 2009 |
| BPT: Weekly Drilling Report | Wed, 1 Jul 2009 |
| Drilling begins at Paralana | Tue, 30 Jun 2009 |
| Media Release - Drilling starts at Paralana | Tue, 30 Jun 2009 |
| Change of Director`s Interest Notice | Wed, 24 Jun 2009 |
| BPT: Weekly Drilling Report | Wed, 24 Jun 2009 |
| $7M GDP Grant Funding Agreement - Update | Wed, 24 Jun 2009 |
| BPT: Weekly Drilling Report | Wed, 17 Jun 2009 |
| Paralana Joint Venture Project Update - Drilling Preparation | Wed, 17 Jun 2009 |
| Drilling Grant Funding Agreement Signed | Mon, 15 Jun 2009 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH TERRY KALLIS, MANAGING DIRECTOR OF PETRATHERM LIMITED (PTR)
“Paralana Project Update”
http://www.brr.com.au/event/50901
THURSDAY, SEPTEMBER 4, 2008, 11:30 AM
BRR Good morning and welcome to Boardroomradio. Today, we’re speaking with Mr. Terry Kallis, Managing Director of Petratherm Limited. Thanks for joining
10 us today. Terry.
PTR My pleasure.
BRR Terry, we’re seeing a significant development for Petratherm with its Paralana Project. We see that you’ve been able to secure a drilling rig. What is the
15 impact of this for Petratherm?
PTR Well, it’s a very exciting development for Petratherm and for its joint venture partners in Beach Petroleum and TRUenergy. What we’ve done is we’ve secured a 2,000 HP rig by a rig services contract with a company called Weatherford Drilling International and they’ll be bringing out a rig to Australia
20 in January next year, and we’ll be looking to spud our Paralana, well, in February of next year. For our company, it’s an exciting development because it will be only the second company in the market to be drilling a deep well and moving forward with a real “proof of concept” in terms of our Hot Rock Project in Paralana. The other important aspect of this project is that it
25 satisfies a key condition of the recent $57 million farm-in deal we did with TRUenergy so that major condition has been satisfied as part of securing the rig and that puts us in a very strong position to move forward both in terms of progress on the project but also the financial capacity that the company… to undertake the work.
30
We’re particularly pleased because now we’ve been able to secure a rig that we know is capable of drilling our well and indeed capable of assisting other people in the geothermal sector of drilling their deep wells. At a time when there’s a lot of demand for these sorts of rigs with the oil and gas market high
35 demand there, we’ve been quite successful in being able to secure this, so it’s very important to the company.
BRR Terry, you talked about the timeframe of obviously when the drill will get out here, but you’ve also mentioned how it’s going to help you move through the
40 “proof of concept stage,” I guess, what timeframe can we expect moving out after where it was spudded and how is this going to assist you?
PTR Sure. Well, I suppose, what we’re looking at is, as I’ve said spudding our well, the Paralana 2 well, for the first deep well in February next year and after a couple of months of drilling time, we expect that rig to be taken by other
45 parties whether they’re geothermal companies or oil and gas companies, and then may be one or two or more parties looking to utilize the rig, we will then see the rig come back to us probably late in the year or early in 2010 to drill our Paralana 3 well. Now in between that time, what we’ll be doing is basically (inaudible) (00:03:08) stimulating and creating the underground reservoir and monitoring the creation of that reservoir. So basically in the periods, sort of May to the end of the year in 2009, we’ll be going through a process of developing the reservoir and that will help us target where the Paralana 3 deep well goes. At the end of that period once we’ve drilled the
5 Paralana 3 well, we’ll go through a process of testing circulation and flow. Conclusion of that will be when we conclude our “proof of concept.”
BRR Terry, certainly it does sound right, some promising news coming there with Petratherm being able to secure to that rig and hopefully move the project
10 along swiftly. We thank you for your time today and look forward to speaking to you soon.
PTR Thank you.
BRR That was Mr. Terry Kallis, Managing Director of Petratherm Limited. If you
15 have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I’m Eddie (Inaudible) (00:04:04) and thank you for listening to Boardroomradio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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