Petratherm heats up in Spain Tuesday, 21 July 2009
AFTER relinquishing its Callabonna tenements north of Adelaide, hot rocks explorer Petratherm has expanded its foothold in Spain with the award of three geothermal permits near Barcelona.
The company surrendered its Callabonna tenements, including GEL 157 and 179, after results from geophysical work and thermal modelling indicated the site would not be economically viable for geothermal development.
This is the second project holding to be surrendered by the company following the relinquishment of the Ferguson Hill project in December 2008.
Meanwhile, in Spain, the company has been awarded three remaining geothermal investigation permits that cover the Canoves, Montbui and Vic areas, 30 kilometres northeast of Barcelona.
The company now has four geothermal investigation permits over areas within the Valles and Ebro basins near Barcelona.
According to Petratherm, the Barcelona project is attractive for both geothermal district heating applications and engineered geothermal systems development for electricity production.
In other company news, Petratherm said its exclusivity agreement with European energy services provider Dalkia for the Geo-Madrid Geothermal District Heating project has lapsed after failing to agree on joint venture terms.
Petratherm is now looking for other interested parties to become partners in the project.
The Geo-Madrid project seeks to provide 8 megawatts of district heating in the Madrid region.
PTR Price at posting:
30.0¢ Sentiment: LT Buy Disclosure: Not Held
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