Minotaur Exploration (ASX Code:MEP) has advised that it has acquired 2,000,000 shares in Petratherm Ltd (ASX:PTR) and now holds 20,437,501 shares, or 32%. The acquisition was by the exercise of 2,000,000 options expiring on 24th March 2009 at 20 cents per option.
The Company held options over a further 3,000,000 shares and arranged for these shares to be taken by others, thus injecting a total of $1 million into Petratherm.
Petratherm is a geothermal exploration and development group, initiated within Minotaur between 2002 and 2004, listing on the ASX in 2004, with major interests located in South Australia and Spain. Within South Australia, the primary project is located at Paralana in the Flinders Ranges, where Beach Petroleum and TRUenergy are joint venture partners in an enhanced geothermal energy project. In Spain, a district heating project in the Madrid basin is at the feasibility stage.
The Company is pleased to continue its strong support of Petratherm.