Petratherm secures rig for Paralana deep wells
Wednesday, 3 September 2008
PETRATHERM and its partners are planning to complete the first of two deep wells at the Paralana Project in South Australia after the joint venture secured a specialised rig.
The 2000hp rig, currently under construction in Dubai, is expected to arrive at Paralana, in the Flinders Ranges, in January 2009.
The rig will allow the JV to drill a 4 kilometre-deep injection well in February before drilling a deep production well and establishing the vital underground “heat exchanger” to carry super-heated water between them early in 2010.
Petratherm added that orders had already been placed for key long lead-time plant items to allow the JV to start drilling once the rid arrives on site.
The LeTourneau “Lightning” drilling rig has been contracted from Weatherford Drilling International Australia, which will make the rig available to other Australian geothermal energy developers on completion of the drilling of the Paralana 2 deep injection well.
“This rig is capable of drilling very deep holes and it should prove a vital asset to other developers that are advancing towards the proof-of-concept stage in their geothermal energy drilling operations,” Petratherm managing director Terry Kallis said.
“Petratherm and Beach Petroleum have played a lead role in securing this rig, which can now assist other companies that are planning to commence their drilling within 12 months.”
He added the JV was happy to support the acceleration of development across the sector.
The rig deal also satisfies a major condition of the $57 million farm-in agreement recently concluded with TRUenergy, which will earn up to a 30% stake in the Paralana Project through the achievement of specific project milestones.
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