why not buy petratherm?, page-8

Is a good question Mangroves. PTR appears to have large-scale ambitions with its Clean Energy Precinct and is much closer to potential customers than GDY, however it hasn't yet demonstrated that geothermal power generation will work at Paralana. So why hasn't it been able to raise the extra funds required to complete the proof-of-concept?

I suspect it's because they haven't demonstrated that the customers are there. Let's say supply to the national grid is not possible for the same reasons GDY has identified - market price too low. PTR is therefore pitching to major off-grid mining operations in the area (assuming they are high cost), however these either have large sunk investments in existing generation capacity or seem unwilling to expose themselves to very uncertain power delivery from PTR.

So PTR is caught in a chicken-and-egg situation. No customers, so no investors, so no customers. It's a pity because I think they have promising results. Perhaps they need to do more work on the off-take side to break out.

As for a GDY take-over, with PTR's low market cap it seems like an attractive plan if GDY feels like trying to tie down long-term off-grid customers who can afford to wait for geothermal power. I'm not sure that's a compelling deal at the moment but I don't know anything about power logistics in the wilds of SA.