wells and expertise for free, page-12

The arrangements with JV partners are somewhat opaque, but, on my reading of the numbers, it seems that PTR will effectively get a 'free carry' to the completion of the $200mill 30MW plant. This is to say, although PTR will draw down some of its cash reserves in the short term, assuming technical milestones are met, the grant money + JV contributions means that PTR's net cash commitment through to the completion of the $200mill plant is effectively zero.

The other factor to keep in mind is that, right now, PTR geothermal reserves (some 230k petajoules) are only inferred. But over the course of the next 1 -2 years, these reserves will be more or less proven.

So, as I see things, on the assumption that there are no major technical set backs, PTR is now approximately 2 years away from owning 34% of a commercially operating 30MW plant that is sitting on top of 230k PJ of proven carbon-free energy reserves. And with the grant money now locked in, it can get to this massive value inflection point effectively without contributing another dollar.