The newly awarded licence areas cover a region identified by historical seismic data of significantly increased sedimentary cover, up to three kilometres thick, informally termed the Poontana Basin.

It is thought the same high heat producing granites at Mt Painter 20km to the west of licence areas may underlie this basin. The combination of a potential heat source and insulator to retain the heat make this area an attractive target for hot rock exploration.

These two new licences are in addition to a licence still pending award (GELA 179) adjacent to the Callabonna licence. The additional licences to those secured at the time of the prospectus, afford significant protection to Petratherm’s planned investment in GEL’s 156 and 157 and the opportunity to expand the hot rock exploration play in the region in the event of success.

Following a successful $4 million capital raising, Petratherm joined the ASX with 35 million ordinary 20 cent shares on issue and 473 shareholders, including parent company and major shareholder Minotaur Resources (42.9%).

The company is also applying for a $4 million Federal Government research grant.