HOT rocks explorer Petratherm plans to carry out an extensive magneto-telluric survey across the volcanic island of Tenerife in Spain’s Canary Islands to pinpoint a location for a deep test well.
Canary Islands Courtesy of Petratherm
The company said it had appointed international survey specialist Geosystems to shoot the survey next month.
The MT survey involves recording variations in electrical conductivity in rocks at depth.
Petratherm has geothermal exploration licenses on Tenerife, the largest of the seven volcanic islands off the west coast of North Africa.
The Canary Islands are known for volcanism and are considered excellent sites for exploiting conventional geothermal technology, the company said.
The company also said its Tenerife project provided a major opportunity to develop a conventional geothermal power project with minimal associated technical project risk and an attractive market focused on developing sustainable energy alternatives.
Petratherm has flagged it is in advanced joint venture negotiations with potential partners to fund a deep drilling program.
PTR Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Not Held
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