PTR MINERALS LTD — Investor Presentation 2010

Apr 29, 2010

Developing Large Scale, Base Load EGS Power -The Paralana Project, South Australia World Geothermal Congress 2010 Authors: Peter W. Reid, Betina R. Bendall, and Louise McAllister

Thursday, April 29, 2010

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Disclaimer
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This presentation has been prepared by Petratherm Limited (Petratherm). The information contained in this presentation is a professional opinion only and is given in good faith.

Certain information in this document has been derived from third parties and though Petratherm has no reason to believe that it is not accurate, reliable or complete, it may not have been independently audited or verified by Petratherm.

Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to uncertainties, risks and contingencies, many of which are outside the control of, and maybe unknown to, Petratherm. In particular, they speak only as of the date of this document, they assume the success of Petratherm’s strategies and they are subject to significant regulatory, business, competitive and economic uncertainties and risks. Actual future events may vary materially from the forward looking statements and the assumptions on which the forward looking statements are based. Recipients of this document (“Recipients”) are cautioned not to place undue reliance on such forward-looking statements.

Petratherm makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued.

To the extent permitted by law, Petratherm and its officers, employees, related bodies corporate and agents (“Agents”) disclaim all liability, direct, indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Petratherm and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

All amounts in Australian dollars (AUD) unless stated otherwise.

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Exploring for Heat – Paralana Project
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62uWm[-3] 22uWm[-3 ] Insulator Up to 20 times normal granite: average = 8 times

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Permian
Mt Painter Basement
Adelaidean
Curnamona
Mt Painter Basement Basement
Normal basement
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• Early modelling indicated 180[o] C 200[o] C at approximately 4 km

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Poontana Basin

109[o] C

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Heat flow of 113 mWm[-2] Modeled 180[o] C-200[o] C at ~ 4 km

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(Seismic Line 84 SPG)

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Development Model – Heat Exchanger Within Insulator
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Higher Permeability

Chemically Stable

Lower Frac Challenge? – Adelaidean bedding / joint surfaces

• = Cheaper Power!

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Paralana Project – Commercial Overview
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Commercially viable at all stages. Small off grid market (5-30MWe) (Heathgate) followed by large on grid development (260 MWe+)

Expenditure well leveraged for proof of concept, then potentially fully funded to initial commercial demonstration scale 30MW plant

Funding and expertise from JV Partners, Beach Petroleum (up to 36 per cent for $30m) and TRUenergy (up to 30 per cent for $57m)

Strong Federal Government grant support - $7 million geothermal drilling fund and $62.762 million REDP grant

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Passive Seismic Array
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MEQ - Array Managed by IESE

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Recording Period April 08 – June 09

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Pre-stimulation Seismic Events
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Recording Period April 2008

– June 2009

Array detecting small events

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Paralana 2 – Drilling

 New Weatherford Owned

2000HP Le Tourneau Lightning Rig

 57 metres high ~ 10 Stories

 Arrived at Port Pirie 11 May 09

 85 Semi-Trailer Loads

 Spudded June 30, 2009

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Paralana 2 - Operations
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Petratherm/Beach – extensive stakeholder and community consultation – Adnyamathanha Community, Beverley Uranium Mine , Epic Pipe line, Arkaroola Village

Beach Petroleum – Manager of Drilling Operations

HSE - no lost time injuries

Only minor shake down issues

Hand-picked experienced drill crew provided

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Scenario Planning vs. Murphy’s Law

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Paralana 2 – Drilling
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 Very Hard Rock Formations – slow ROP 1-3 m/hr

 Tested several BHA arrangements to optimise ROP

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Paralana 2 - Drilling Completed to 4012 M – 9 Nov 2009
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First well designed following low-risk, standard operating methods

Steady but slow drilling due to hard formations

Conservatively drilled to ensure success to 4012m

Wireline and LWD logging completed

Well cased and cemented to 3725m

Bottom hole temperature ~ 190[o] C

Inflow zones encountered from 3690m

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Paralana 2 – Reservoir Characteristics
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Inflow zones from 3690m

Zr dataing confirms old 1590Ma Reservoir Sequence

Contains numerous fractures and faults

High pressure geothermal brines intersected

2D Seismic suggests fractured reservoir sequence is regionally extensive

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Current Planned Future Work Program
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2[nd] Qtr 2010: Perforation and Injectivitiy test

3[rd] Qtr 2010: Fracture stimulation – link into over pressured zone!

4[th] Qtr 2010/1[st] Qtr 2011: Drilling of the Paralana 3 deep producer well

• 2[nd] Qtr 2011: Circulation Test – Proof of Concept

Late 2011: Commission first stage 3.75 – 7.5 MW power plant

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www.petratherm.com.au

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