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ASX listed geothermal company Petratherm has announced an expected $17 million writedown of its Paralana project assets in South Australia Nike Air Max Uptempo Pine Green after failing to meet a deadline for a government grant last month.
Mr Kallis said last month the equity raising failure was reflective of the "difficulties in raising monies in the equities markets for small exploration Nike Uptempo Navy On Feet
17m Paralana writedown
The deadline miss meant the company will also not be able access the $24.5 Nike Uptempo News
Despite a seven month extension on the deadline, the company failed to meet an Australian Renewables Agency requirement it raise $5 million from investors.
fund the project in the forseeable future".
The company went to some lengths to meet the target, including directors halving their fees and deferring payments, four in seven also resigning in order to reach the deadline.
The funds were to be used for a second well for the $62 million Paralana project, which taps naturally fractured shales just above the hot basement rocks.
and development companies" and was disappointing considering the "technical success" the project had achieved.
million Renewable Energy Development Program grant for the 7MW geothermal plant in the Flinders Ranges.
Petratherm executive director Terry Kallis confirmed the lapsed grant meant the company would be "unable to Nike Air More Uptempo White Blue
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