Thanks fishoMC - I was only half way through the top-up when you posted lol.
Did you see this article I posted on another thread? I highlighted the most interesting bit - I am hoping Turnbull will try to go one up on the ALP here, they did recognize the importance of geothermal before Labor, but have let it drift a bit amongst all the politicking over emissions trading.
June 01, 2007 02:15am Article from: The Advertiser
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POLITICAL focus on geothermal energy sent the share prices of Australia's five public hot rocks players into orbit yesterday.
Shares in Geodynamics, Petratherm, Greenrock, Torrens Energy and Geothermal Resources climbed between eight and 28 per cent, in response to Opposition leader Kevin Rudd's promise to give $50 million to the geothermal sector if elected.
Labor environment spokesman Peter Garrett added $50 million would be matched by industry, to increase exploration for hot rock energy.
Executives from Petratherm and Geodynamics were in Canberra yesterday to advise the Federal Government on how they could assist the geothermal industry in the next six to eight months.
Petratherm managing director Terry Kallis said the ALP policy would bridge the gap between the current grants system and what was needed for exploration.
"For geothermal to get to the step where Petratherm is at, we will need extra funding. We are about to drill two wells down 4kms and we'll get no change out of $4-5 million," Mr Kallis said.
ABN Amro geothermal energy analyst Roger Leaning said geothermal company shares would be "given a kick" by the imminent Federal Government announcement on carbon trading and greenhouse gas emissions targets.
"When it's driven on political news flow it's probably a short-term reaction (to share prices). For these guys to create value they have to deliver on their projects," he said.
While distributing geothermally-produced electricity to its markets was an engineering problem, hot rocks explorers' biggest challenge was to identify quality resources of decent size and temperature, he said.
PTR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
