PTR MINERALS LTD - Annual Report 2013

CLEAN ENERGY FOR FUTURE GENERATIONS Annual Report 2013

Petratherm Limited - Annual Report 2013

CORPORATE INFORMATION

This annual report covers both Petratherm Limited (ABN 17 106 806 884) and its controlled entities (“Group”). The Group’s functional and presentation currency is Australian Dollars.

A description of the Group’s operations and of its principal activities is included in the review of operations and activities in the directors’ report on page 5 to 25.

Directors

Derek Carter (Chairman) Terry Kallis (Managing Director) Richard Bonython Richard Hillis Simon O’Loughlin Lewis Owens

Company Secretary

Donald Stephens

Registered Office

C/- HLB Mann Judd (SA) Pty Ltd 169 Fullarton Road DULWICH SA 5065

Principal place of business

Level 1, 129 Greenhill Road UNLEY SA 5061

Share Registry

Computershare Investor Services Pty Ltd Level 5, 115 Grenfell Street ADELAIDE SA 5000

Legal Advisors

O’Loughlins Lawyers Level 2, 99 Frome Street ADELAIDE SA 5000

Bankers

National Australia Bank 22 – 28 King William Street ADELAIDE SA 5000

Auditors

Grant Thornton Audit Pty Ltd Chartered Accountants Level 1, 67 Greenhill Road WAYVILLE SA 5034

Petratherm Limited - Annual Report 2013

CONTENTS TO FINANCIAL REPORT

CONTENTSTO FINANCIAL REPORT	CONTENTSTO FINANCIAL REPORT
Chairman’s Report		4
Directors’ report		5
Auditor’s Independence declaration		26
Corporate Governance Statement		27
Statement of Proft or Loss and Other Comprehensive Income		34
Statement of Financial Position		35
Statement of Changes in Equity		36
Statement of Cash Flows		37
Notes	to the Financial Statements	38
1.	CORPORATE INFORMATION	38
2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	38
3.	OPERATING SEGMENTS	56
4.	REVENUE AND EXPENSES	58
5.	INCOME TAX	60
6.	EARNINGS PER SHARE	61
7.	CASH AND CASH EQUIVALENTS	61
8.	TRADE AND OTHER RECEIVABLES	62
9.	OTHER CURRENT ASSETS	63
10.	PROPERTY, PLANT AND EQUIPMENT	63
11.	EXPLORATION AND EVALUATION ASSETS	63
12.	SHARE-BASED PAYMENTS	64
13.	TRADE AND OTHER PAYABLES	67
14.	PROVISIONS	67
15.	OTHER NON-CURRENT LIABILITIES	68
16.	ISSUED CAPITAL	68
17.	RESERVES	68
18.	RETAINED EARNINGS	69
19.	MINORITY INTEREST	69
20.	COMMITMENTS FOR EXPENDITURE	70
21.	CONTINGENT ASSETS AND LIABILITIES	70
22.	AUDITOR’S REMUNERATION	71
23.	SUBSIDIARIES	71
24.	FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
	AND FINANCIAL INSTRUMENTS	71
25.	RELATED PARTY DISCLOSURE AND KEY MANAGEMENT
	PERSONNEL REMUNERATION	74
26.	SUBSEQUENT EVENTS AFTER THE BALANCE DATE	75
27.	ADDITIONAL INFORMATION (JOINT VENTURES)	75
28.	PARENT ENTITY INFORMATION	76
29.	GOING CONCERN BASIS OF ACCOUNTING	76
Directors’ Declaration		77
Independent Audit Report to the members of Petratherm Ltd		78

Petratherm Limited - Annual Report 2013

CHAIRMAN’S REPORT

Petratherm continued to be recognized as a leader in the Australian geothermal sector, being awarded a $13 million government grant for the Company’s flagship Paralana geothermal project. This was particularly pleasing considering the challenging market and political environment being faced by companies within the contracting Australian geothermal sector. The Paralana geothermal project is one of the most advanced engineered geothermal systems projects in the world and enjoys the continued support of the Company’s JV partner, Beach Energy and our shareholders.

The grant, with certain conditions attached, was awarded by the Australian Renewable Energy Agency (ARENA) under its Emerging Renewables Program (ERP) to assist in funding the next stage of works at Paralana. That work will involve the drilling and stimulation of the Paralana 3 well - a producer well into the hot rock reservoir created around the existing Paralana 2 well, as part of an applied research project into the site’s commercial potential.

The Company views the awarding of the ERP grant by ARENA as a strong signal of continued support for the Paralana project and the broader development of geothermal energy in Australia.

The Company continued to develop its Spanish project portfolio and is continuing to characterize geothermal resources across the Canary Islands, notably on the island of Tenerife with the assistance of Spanish government subsidies of up to $1million. The Tenerife project has attracted interest from various parties and the Company has commenced discussions with a major Spanish energy company that has shown interest in joint venturing on the Tenerife project.

In the post reporting period the Company, through its wholly owned subsidiary, PetraGas Ltd, applied for a petroleum exploration licence covering approximately 3,900 square kilometres, north of Hobart in central Tasmania to explore for shale oil and gas. This decision by the Company to extend into unconventional shale oil and gas exploration leverages our core areas of expertise that include basin geology and deep drilling (developed from working on engineered geothermal systems) and our knowledge of the Australian electricity and gas markets.

The Company’s Board and Management team have worked diligently to deal with uncertain market, political and regulatory conditions, containing costs while concurrently progressing our projects and I would like to recognize them for their achievements over this most challenging year.

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Chairman, Petratherm Limited Derek Carter

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



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           

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

               

 

 

    

    

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT

         

             

 

           

 

  

          

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



 

      

 

 

			
			
			
			
			
			
			
			
			



 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT






 

 



 





        



    

    

 

 
 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT

 

 
 

  

  

 	 	 	 	 
 	 	 	 	
				
				
				
				
				
  

 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



    

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   

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT

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  

 []    

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



   

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
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     

  

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



   

  

  

  
   



 

    

 





  



Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



    



            

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



 

		 	 	 	 	 
						
						
						
						
						
						
						
						
						
						
						
						
						





 





Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



        



 



     



          

        

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT





   

   

      



  



 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT





	   	      	      	      
			
  	 	 	 	 

  	 	 	 	 

  	 	 	 	 

  	 	 	 	 

  	 	 	 	 

  	 	 	 	 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



 

	   	      	      	      
			
  	 	 	 	 

  	 	 	 	 

   

 

 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT







 


	 	 	 	 	  	 	 	  

								

								

 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT

























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

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





























Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT










































































































































































































Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT





					
					

					
					
					
					
					
					

					
					
					
					

					
					
					
					
					
					

					
					

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT





  


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 
 
 

Petratherm Limited - Annual Report 2013

DIRECTORS’ REPORT



  





     



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 

[] 

Petratherm Limited - Annual Report 2013

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Level 1, 67 Greenhill Rd Wayville SA 5034 GPO Box 1270 Adelaide SA 5001 T 61 8 8372 6666 F 61 8 8372 6677 E [email protected] W www.grantthornton.com.au

AUDITOR’S INDEPENDENCE DECLARATION

TO THE DIRECTORS OF PETRATHERM LIMITED

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the audit of Petratherm Limited for the year ended 30 June 2013, I declare that, to the best of my knowledge and belief, there have been:

a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and
b no contraventions of any applicable code of professional conduct in relation to the audit.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

J L Humphrey Director – Audit & Assurance Adelaide, 27 September 2013

Grant Thornton Audit Pty Ltd ACN 130 913 594

a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Our Ref: Petratherm Limited_Jun 13.Docx

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT



   

    





    



 

   
 
 

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       

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT



         





  

 
                

   



          

       

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT

             



     



      



       





         



  

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT

     

   


 


    



       

 

     



  

 
 

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT



   



 


 
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 
 

    

 



     



   



  

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT






 
 
 

 

  

   



   



   

   

 

    

   

Petratherm Limited - Annual Report 2013

CORPORATE GOVERNANCE STATEMENT

  



       



    

Petratherm Limited - Annual Report 2013

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2013





































































The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2013

	
	   
                                       	     
	 
	   
	 
	 
	   
	 
	   
	 
	 
	 
	     
	 
	 
	 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2013

	Consolidated
	Issued Capital Ordinary $ Retained Earnings $ Share Option Reserve $ Foreign Currency Translation Reserve $ Minority Interest $ Total $
Balance at 1 July 2011	28,850,178 (12,999,384) 1,219,166 (712,073) - 16,357,887
Total comprehensive income for the year Shares issued via share purchase plan Shares issued via placement Issue of share options Transaction costs Tax portion of capitial raising costs Transfer from employee equity-settled benefts reserve upon cancellation of vested options Foreign exchange translations	- (1,808,315) - - - (1,808,315) 458,500 - - - - 458,500 2,289,000 - - - - 2,289,000 - - 47,900 - - 47,900 (210,264) - - - - (210,264) 63,079 - - - - 63,079 - 547,080 (547,080) - - - - - - (219,327) - (219,327)
Balance at 30 June 2012	31,450,493 (14,260,619) 719,986 (931,400) - 16,978,460

Balance at 1 July 2012	31,450,493 (14,260,619) 719,986 (931,400) - 16,978,460
Total comprehensive income for the year Shares issued via rights issue Exercise of share options Transaction costs Tax portion of capitial raising costs Transfer from employee equity-settled benefts reserve upon cancellation of vested options Foreign exchange translations	- (788,997) - - - (788,997) 847,339 - - - - 847,339 2,729 - - - - 2,729 (107,705) - - - - (107,705) 32,312 - - - - 32,312 - 40,650 (40,650) - - - - - - 275,455 - 275,455
Balance at 30 June 2013	32,225,168 (15,008,966) 679,336 (655,945) - 17,239,593

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2013

	
	   
                     	         
	 
	     
	 
	     
	 
	 
	 
	 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

    

 

 

 



     

       

  

    

    

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

  

    

  

 

   



   



  



      

 

 

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

   

 

    

 

  

 

 

  

  

 



   

    



    

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 



   



  



   



     

    

      

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013



       

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   

  

 

   
   

    

    
     

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

   

  

   

 

   

   

              

  

 

 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

   
 

  

   

 

 

     

 







  

    

   

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

  

 

           

      

             

 

     

 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

  

      

   

 

    

 

   

    

 

 

   



   

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

   

    

 



      



        



  

 

  

   

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

 

  

 

   

   

 



    



     



   

  
    


The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

          

 

    



         

 

  

       

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

   



  

    

    

  

   

     

   

    
  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013



   
     
  
  
 

     

      

   

       

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

          

      

  

       


   

  

  

     

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

          

 



 

       

  

 

    

 

 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

    

 

  

 

    

  

 

  

  



  

        

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

  

  

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

    

      





 

 

	 	 
	 
	       
                                              
		 

  

 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 



     

					
					
					
					
                          
	   



					
					
					
					
                         
	   

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

 

 
	
	   
                 	     
	 

	 
	 
	 
	 
	         
	 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

FOR THE YEAR ENDED 30 JUNE 2013
	
	   
                 	                                 
	 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

 
	
	   
                                       
	 

  

 



    

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

  

    

 


    	
	   
	 
	 
	   
	 

   

 


	
	   
 	   
	 



  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

FOR THE YEAR ENDED 30 JUNE 2013
	
	   
                         	   
	 
	                   
	 
	     
	 

    

 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

FOR THE YEAR ENDED 30 JUNE 2013
	
	   
  	   
	 

 

           	     
	 
	     
	 

	 





 

 

 

  	 
	 

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013





             

  

 



 

  
 
       
      
 

 
 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

 

  


	       
     	               
	   
	   



 
 
 
 
 
 



 



 





The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

  

 

		
		
		
		

    



  

    

		
		
		
		

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 


	
	   
 	   
	 



          	   
	 
	   
	 



    



 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 


	
	   
	 
	 

 



       	     
	   
	   
	               
	   

 

 



 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013



 


	
		
		

	 
 	   
     
 	 
	 

     
 	 
		

		

		
		

		
		
		

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

 

		
		   
	   	     
		 



   



  

 

        

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

 


	
	   
 	 
	 

 

	      
                      



































  



 

  

 



The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013




	
	   
    
	   

	 



   

   

 



   



   

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013

	        
     	       
	   
                 
	   

  

			
				
				



              

         



              

         



The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013



 

  



   

 



 

       

  

   	   

	     
	 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2013





        

 

  

 

  

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013

 


	
	   
             	   
	 

	   
	 
	     
	 
	   
	 



 



 

 



   

    

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

DIRECTORS’ DECLARATION



  4  6  
 
   
 
 

 

 



  



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 

[] 

The accompanying notes form part of these financial statements

Petratherm Limited - Annual Report 2013

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Level 1, 67 Greenhill Rd Wayville SA 5034 GPO Box 1270 Adelaide SA 5001 T 61 8 8372 6666 F 61 8 8372 6677 E [email protected] W www.grantthornton.com.au

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF PETRATHERM LIMITED

Report on the financial report

We have audited the accompanying financial report of Petratherm Limited (the “Company”), which comprises the statement of financial position as at 30 June 2013, the statement of profit or loss and other comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information and the directors’ declaration of the company the consolidated entity comprising the Company and the entities it controlled at the year’s end or from time to time during the financial year.

Directors’ responsibility for the financial report

The Directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001. The Directors’ responsibility also includes such internal control as the Directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. The Directors also state, in the notes to the financial report, in accordance with Accounting Standard AASB 101 Presentation of Financial Statements, the financial statements comply with International Financial Reporting Standards.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with Australian Auditing Standards. Those standards require us to comply with relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is free from material misstatement.

Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Ltd ABN 41 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Petratherm Limited - Annual Report 2013

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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial report, whether due to fraud or error.

In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of the financial report that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence

In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.

Auditor’s opinion

In our opinion:

a the financial report of Petratherm Limited is in accordance with the Corporations Act 2001, including:
i giving a true and fair view of the Company’s and consolidated entity’s financial position as at 30 June 2013 and of their performance for the year ended on that date; and
ii complying with Australian Accounting Standards and the Corporations Regulations 2001; and
b the financial report also complies with International Financial Reporting Standards as disclosed in the notes to the financial statements.

Material uncertainty regarding continuation as a going concern

The consolidated entity incurred a net loss before tax of $788,997 during the year ended 30 June 2013, and had a net cash outflow of $1,179,596 from operating and investing activities. The consolidated entity continues to be reliant upon completion of capital raising for continued operations and provision working capital.

Petratherm Limited - Annual Report 2013

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Without qualifying our review conclusion attention is drawn to Note 29 – Going Concern Basis of Accounting in the financial report. These conditions indicate the existence of a material uncertainty which may cast significant doubt about the consolidated entity’s ability to continue as a going concern and therefore the consolidated entity may be unable to realise its asset and discharge its liabilities in the normal course of business and at amounts stated in the financial report.

Report on the remuneration report

We have audited the remuneration report included in the directors’ report for the year ended 30 June 2013. The Directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards.

Auditor’s opinion on the remuneration report

In our opinion, the remuneration report of Petratherm Limited for the year ended 30 June 2013, complies with section 300A of the Corporations Act 2001.

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GRANT THORNTON AUDIT PTY LTD Chartered Accountants

J L Humphrey Director – Audit & Assurance Adelaide, 27 September 2013

Petratherm Limited - Annual Report 2013

ASX ADDITIONAL INFORMATION

Additional information required by the Australian Stock Exchange Limited and not shown elsewhere in this report is as follows. The information is current as at 2 October 2012

Distribution of equity securities Ordinary share capital

• 177,067,166 fully paid ordinary shares are held by 3,509 individual shareholders. All issued ordinary shares carry one vote per share.

Options

7,000,000 options are held by 15 individual option holders.

The number of shareholders, by size of holding, in each class are:

	F ully p a id o rd ina ry s ha re s	U nq uo te d O p tio ns	L is te d O p tio ns
1 - 1,000	293
1,001 - 5,000	294
5,001 - 10,000	295
10,001 - 100,000
100,001 and over


Holding less than a marketable parcel	2,242	-	-

S ub s ta ntia l s ha re ho ld e rs
O rd ina ry s ha re ho ld e rs	F ullyp a id
	N umb e r	P e rc e ntag e
Minotaur R esources Investments P tyLtd	30,000,000	16.94%
National Nominees Limited	13,604,027	7.68%
	43,604,027	24.62%

	F ully p a id o rd ina ry s ha re s	U nq uo te d O p tio ns	L is te d O p tio ns
1 - 1,000	293
1,001 - 5,000	294
5,001 - 10,000	295
10,001 - 100,000
100,001 and over


Holding less than a marketable parcel	2,242	-	-

S ub s ta ntia l s ha re ho ld e rs
O rd ina ry s ha re ho ld e rs	F ullyp a id
	N umb e r	P e rc e ntag e
Minotaur R esources Investments P tyLtd	30,000,000	16.94%
National Nominees Limited	13,604,027	7.68%
	43,604,027	24.62%

Petratherm Limited - Annual Report 2013

ASX ADDITIONAL INFORMATION

Twenty largest holders of quoted equity securities

Twenty largest holders of quoted equity securities
	F ully P a id Ordina ry S ha res
	Number	P erc entag e

MINOT AUR R E S OUR CE S INVE S T ME NT S PT Y LT D	30,000,000	16.94%
NAT IONAL NOMINE E S LIMIT E D	13,604,027	7.68%
P & J PHE LAN PT Y LT D	2,843,334	1.61%
Y AR R AANDOO PT Y LT D	2,410,915	1.36%
MR PAUL VE NNAR D PHE LAN	2,000,000	1.13%
LOCANT R O S PE CULAT IVE INVE S T ME NT S LIMIT E D	1,680,000	0.95%
MR DE R E K NOR T HLE IGH CAR T E R	1,600,000	0.90%
DOR ICA NOMINE E S PT Y LT D	1,582,862	0.89%
MR S T E FAN J OS E F WILD + MR S J OS IE ANN WILD	1,413,203	0.80%
MR MAR C FE R GUS ON R OWE	1,183,715	0.67%
MR R OBE R T J OHN BAT H + MR S BE VE R LE Y KAY E S MIT H <3BS A/C>	1,150,000	0.65%
DR DONALD ANT HONY WALLIS + MR S ANDR E A CHR IS T INA VAN DE WAT E R	1,075,000	0.61%
MR S T HI KIM OANH NGUY E N	1,040,000	0.59%
J P MOR GAN NOMINE E S AUS T R ALIA LIMIT E D	976,211	0.55%
MR J OHN WILLIAM S CHANK	856,000	0.48%
R OMADAK PT Y LT D	775,480	0.44%
E UR O PACIFIC HOLDINGS PT Y LT D	750,000	0.42%
MR BR IAN PAR ADINE	740,882	0.42%
MR IMAN VOS OUGHI	740,732	0.42%
MR T IMOT HY WOLLAS T ON WIS HAR T	730,157	0.41%

	67,152,518	37.92%

Petratherm Limited - Annual Report 2013

TENEMENT SUMMARY

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Project Tenement Area Registered holder/ Company
(km2) Applicant interest
South Australia
Paralana GEL 156 998 MNGI Pty Ltd 79%
GEL 254 498 MNGI Pty Ltd 79%
GEL 336 408 MNGI Pty Ltd 79%
Moolawatana GEL 603 2,593 MNGI Pty Ltd 100%
Victoria
East Gippsland GEP24 9,049 MNGI Pty Ltd 100%
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Project Tenement Area Registered holder/ Company
(km2) Applicant interest
Tenerife
Garehagua 1 2053 98 Petratherm España SL 93.023%
Berolo 1 2054 90 Petratherm España SL 93.023%
Guayafanta 2052 98 Petratherm España SL 93.023%
Abeque 2057 98 Petratherm España SL 93.023%
Ampliacion A Garehagua 2053-1 96 Petratherm España SL 93.023%
Gran Canaria
Atidama 151 83 Petratherm España SL 93.023%
Madrid
Valdebebas 3454-010 11 Petratherm España SL 93.023%
Madrid-2016 3455-010 7 Petratherm España SL 93.023%
Geomadrid 3450-110 10 Petratherm España SL 93.023%
Quiñones 3459-010 13 Petratherm España SL 93.023%
El Capricho 3461-010 27 Petratherm España SL 93.023%
Longares 3460-010 33 Petratherm España SL 93.023%
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Petratherm Competent Persons statement The information contained in this report that relates to Geothermal Resources is an extract from a report compiled by Dr Graeme Beardsmore, who appears on the Register of Practicing Geothermal Professionals maintained by the Australian Geothermal Energy Group Incorporated at the date of this report. Dr Beardsmore is employed by Hot Dry Rocks Pty Ltd, an independent consulting group that provides professional services to the Company. Dr Beardsmore has sufficient experience which is relevant to the style and type of geothermal play under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Second Edition (2010) of the ‘Australian Code for Reporting Exploration Results, Geothermal Resources and Geothermal Reserves’. Dr Beardsmore has consented in writing to the inclusion in this report of the matters based on his information in the form and context in which they appear.

All other information in the Annual Report that relates to Exploration Results is based on information compiled by Mr Peter Reid, who appears on the Register of Practicing Geothermal Professionals maintained by the Australian Geothermal Energy Group Incorporated at the date of this report. Mr Reid is a full time employee of the Company. Mr Reid has sufficient experience which is relevant to the style and type of geothermal play under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the Second Edition (2010) of the Australian Code for Reporting Exploration Results, Geothermal Resources and Geothermal Reserves. Mr Reid has consented in writing to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Petratherm Limited ABN 17 106 806 884 ASX: PTR www.petratherm.com.au

AI assistant

PTR MINERALS LTD — Annual Report 2013

65621_rns_2013-10-28_1550d692-08ef-4a28-b82d-57dd6e1d7158.pdf

CLEAN ENERGY FOR FUTURE GENERATIONS Annual Report 2013

CORPORATE INFORMATION

Directors

Company Secretary

Registered Office

Principal place of business

Share Registry

Legal Advisors

Bankers

Auditors

CONTENTS TO FINANCIAL REPORT

CHAIRMAN’S REPORT

DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

DIRECTORS’ REPORT

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DIRECTORS’ REPORT

DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

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DIRECTORS’ REPORT

PTR MINERALS LTD Annual Report 2013