DEVELOPER SUPPORTS GOVERNMENT’S LAND PLAN

Comprehensive and sensitive forward planning will be the key to balancing the need for population growth, the timely provision of appropriate infrastructure and the preservation of character in the Adelaide Hills, says a leading developer.

Mr Travis Day, whose family company Daycorp has had a longstanding role in quality residential and commercial development around Mt Barker, said the State Government’s plan to concentrate future population growth in Mount Barker and Murray Bridge as a means of protecting the heritage and character of the small townships in the region was “a sensible approach”.

Mr Day was responding to the State Government’s 30-Year Plan for Greater Adelaide released for consultation today by the Minister for Urban Development and Planning. The plan anticipates the need for between 300 and 600 homes annually in the Adelaide-Mt Barker-Murray Bridge corridor up until 2039.

“This is all about planning for the future of Adelaide and its immediate regions and ensuring generations to come have access to affordable and innovative housing opportunities in high quality environments across the State,” Mr Day said.

“We need to ensure that we get this right now to guarantee the best outcomes for the future. The 30-Year Plan for Greater Adelaide is a forward-thinking approach to an issue that requires vision and commitment.”

Mr Day said regions such as Mt Barker, which had been identified as an area that could potentially support growth, required sensitive planning to sustain future housing needs.

“We are committed to the Mt Barker region and are keen to see future development that contributes to the current community, while also allowing future residents including younger generations to enjoy this fantastic area.

Mr Day said long-term planning was required if South Australia was to avoid the housing issues that are facing the eastern states.

“If we do not take a planned approach to development in this State, then generations of South Australians may not be able to afford their own home and will be facing escalating prices that homebuyers are facing in the eastern states,” he said.

“Land availability and affordability are the two major issues facing the housing and development industry and the broader community in the future and this plan will allow South Australia to grow in a liveable and managed way, which is vital for our economic viability.”

FURTHER INFORMATION: Please contact
Travis Day on 8100 3900

ISSUED BY HUGHES PUBLIC RELATIONS: Please contact
Julia Angove on 8412 4109 or 0420 995 982

Drilling starts on major “hot rock” project in South Australia

Petratherm is on track to deliver Australia’s first commercial geothermal energy supply following the commencement of major drilling at its flagship Paralana site in SA’s Far North today.

The historic milestone moves the Adelaide-based developer and its joint venture partners Beach Petroleum and TRUenergy Geothermal closer to their aim of producing emissions-free geothermal energy for commercial consumption by early 2011.

Petratherm Managing Director Terry Kallis said the start of major drilling at Paralana is an exciting step forward for the geothermal energy industry.

“This is a watershed day for Petratherm and our devoted joint venture partners Beach Petroleum and TRUenergy Geothermal,” said Mr Kallis.

“It is a tremendous thrill to get to this point of the project, particularly in light of our exploratory drilling results which indicate that Paralana has the highest recorded heat flow of all geothermal projects on mainland Australia.

“We’ve always maintained that our Paralana JV project has the potential to be the best commercial geothermal energy project in the country and we’re now on our way to proving it.”

In collaboration with its JV partners, Petratherm today spudded its Paralana 2 deep well using a $40 million custom-made contract drilling rig which arrived on-site last month after being commissioned from Weatherford International in Dubai.

The Paralana JV plans to use the rig to drill 4km below the earth’s surface creating a deep injection well that, in tandem with a second drilled well, will establish an underground “heat exchanger” capable of circulating super-heated water exceeding temperatures of 2000C.

Beach Petroleum and TRUenergy Geothermal will contribute $10 million and $6 million (plus their equity share of project costs) respectively towards drilling and stimulating the first and second deep wells and the water circulation between the two wells.

“By 2011 we expect to be supplying geothermal energy on a commercial basis, and by 2013 anticipate powering homes and businesses on a much larger scale,” said Mr Kallis.

The Paralana JV project covers over 500sqkm of known “hot rock” granite resources adjacent to the Mt Painter region in South Australia’s northern Flinders Ranges about 40km east of Arkaroola.

A specially trained team of workers and a 40-bed camp are now on-site as major drilling gets underway.

“Geothermal energy is an untapped resource which has the potential to be a significant contributor to the energy needs of Australia,” said Mr Kallis.

“We are confident that geothermal energy from Paralana will provide large-scale, base-load power to the national electricity market and help reduce this country’s reliance on fossil fuels.”

Last month, the Paralana JV project was formally backed by the Federal Government with a $7 million grant received through the Geothermal Drilling Program. The Paralana JV has also applied for funding via the Government’s $435 million Renewable Energy Demonstration Program to help finance a 30MW commercial demonstration project.

For more information visit www.petratherm.com.au

ABOUT THE JOINT VENTURE PARTNERS:

Beach Petroleum (ASX: BPT) is an oil and gas company headquartered in Adelaide that farmed-in to the Paralana project in January 2007. Beach can earn up to 36% of the project for $30 million plus its equity share of project costs (www.beachpetroleum.com.au).

TRUenergy Geothermal is a wholly owned subsidiary of the CLP group, one of the largest publicly-listed power businesses in Asia Pacific (www.truenergy.com.au and www.clpgroup.com). TRUenergy Geothermal farmed-in to the Paralana project in August 2008. TRUenergy Geothermal can earn up to 30% of the project for $57 million.

MEDIA CONTACT:
Terry Kallis Petratherm Limited 08 8274 5000
Kieran Hall Hughes Public Relations 08 8412 4100

Reward Doubled to $100,000 for Information On Armed Robberies

$100,000 in reward money is now being offered for information leading to the arrest and
subsequent conviction of the ‘bicycle bandit’ allegedly involved in 10 bank robberies across South Australia.

Following the latest armed hold-up at BankSA’s Willunga branch, BankSA has doubled the reward, offering an additional $50,000 to take the total reward to $100,000.

The offender is allegedly linked to 10 hold-ups at banks in outer metropolitan and regional areas
since May 2004, including targeting BankSA five times.

BankSA Managing Director Mr Rob Chapman said the "bicycle bandit" must be stopped.

"The safety of our staff and customers is our number one priority and that’s why we are pulling out all stops to assist SA Police with their investigations," Mr Chapman said.

"The reward is a natural extension of our rigorous security program. We hope it will prompt a
strong public response and unearth information that will help lead to a prosecution as soon as
possible.

"We urge anyone with useful information to provide it to SA Police by contacting BankSA Crime
Stoppers on 1800 333 000."

Mr Chapman said BankSA currently had extensive and effective security measures in place
including pop-up screens, anti-jump barriers, guards and extra initiatives were continuously being put in place.

The additional $50,000 will be administered in relation to the Australian Bankers Association
Reward Scheme Guidelines.

FURTHER INFORMATION: please contact
BankSA Public Affairs: Sonya Rogers on (08) 8424 4570 or (m) 0422 841 188