Petratherm : + Board Restructure & Projects Update - 1 April 2014

PETRATHERM LIMITED ABN 17 106 806 884

Board Restructure and Project Updates

Petratherm Ltd (or 'the Company') advises that it has restructured its Board and put in place contingency plans should the Company be unable to satisfy the conditions of the $13million Emerging Renewables Program (ERP) Grant (refer overleaf) from ARENA for the Paralana project by 19
July 2014.
While the Company continues to work diligently to attract additional joint venture partners to the Paralana project, the market sentiment toward geothermal energy investment in Australia and internationally continues to be negative, as evidenced in recent announcements from other companies operating in the sector.
Accordingly, to preserve shareholder funds and to more appropriately reflect the Company's activities, it has been resolved that the Board will be restructured as follows:.
The following Directors retired on 31 March 2014;

1 April 2014

ASX Code: P T R

ABN 17 106 806 884

Level 1, 129 Greenhill Road

Unley SA 5061

T: [phone]

F: [phone]

W: www.petratherm.com.au/
E: [e-mail]
• Mr Derek Carter
• Mr Richard Bonython
• Professor Richard Hillis
• Mr Lewis Owens
The continuing Board of Directors will then consist of:
• Mr Simon O'Loughlin (Non-Executive Chairman)
• Mr Terry Kallis (Executive Director)
• Mr Donald Stephens (Non-Executive Director and Company
Secretary)
The Company continues to prudently preserve its cash resources while carrying on essential activities. As part of this, the Board of Petratherm reduced the Directors fees by half from 1 April 2013 and also deferred payment of the reduced directors' fees. The Directors have offered, subject to shareholder approval, to receive those unpaid directors' fees in the form of Petratherm shares. Approval from the Company's shareholders will be sought at a General Meeting on a date to be advised.
The Company wishes to express its sincere thanks to the retiring directors for their contributions and service to Petratherm and for their continued support of the Company since its inception.
Project Updates
Paralana Geothermal Energy project
The ERP grant is provided on a matching funding basis and includes two key conditions precedent;
• Beach Energy commits to fund its 21% equity share of the matching funding project costs, &
• Petratherm secures an additional $5 million in equity (market and/or JV partner(s)).
The second condition to secure $5 million in equity has proven difficult to satisfy despite our best efforts in Australia and internationally. The Company considers that the Paralana project remains Australia's best opportunity to demonstrate commercial geothermal development and will continue to aim to satisfy the conditions by attracting additional JV partners.
Tenerife Geothermal Energy project
The Tenerife conventional volcanic geothermal project has now reached the stage that it will require a JV partner or be sold. Joint venture negotiations with a large Spanish energy company have stalled. The company is actively seeking parties interested in acquiring the project.
In the recent half yearly accounts the value of the Company's Spanish projects were written down to reflect this situation.
PetraGas - unconventional oil and gas project
The Company's PetraGas subsidiary holds oil and gas licences in Tasmania covering over 3900 square kilometres. The Company has commenced joint venture discussions with a large Australian energy company to assist funding the project.
New Projects
Petratherm will continue to seek new investment opportunities that will potentially reward shareholders. The Company had $839,000 in cash as at 31 December 2013 and the directors intend to limit expenditure so that those funds can lead to creating shareholder value.

About ARENA - ARENA was established by the Australian Government as an independent authority on 1st July 2012 to make renewable energy technologies more affordable and increase the amount of renewable energy used in Australia. The ERP is a grant program that s eeks to assist emerging renewable projects such as ocean, geothermal, hybrids and storage. More information is available at www.arena.gov.au

About the Joint Venture Participant:

Beach Energy Limited (ASX: BPT) is an oil and gas compan y headquartered in Adelaide that farmed-in to the Paralana Project in January 2007. Beach

Energy holds a 21% interest in the project and can earn up to 36% subject to further funding at the development stage of the project.

Yours faithfully

Terry Kallis
Managing Director

CONTACTS:

Terry Kallis Petratherm Ltd 08 8274 5000

Appendix 3Z

Final Director's Interest Notice

Appendix 3Z

Final Director's Interest Notice

Rule 3.19A.3

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity - PETRATHERM LTD

ABN - 17 106 806 884

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mr Derek Carter
Date of last notice	5th December 2013
Date that director ceased to be director	31st March 2014

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

3,200,000 Ordinary Fully Paid Shares

400,000 Listed Options exercisable at $0.03 expiring 2 November 2014

+ See chapter 19 for defined terms.

11/3/2002

Appendix 3Z Page 1

Appendix 3Z

Final Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest

Note: Provide details of the circumstances giving rise to the relevant interest

Carter Family Trust

Number & class of securities

663,334 Ordinary Fully Paid Shares

82,917 Listed Options exercisable at $0.03 expiring 2 November 2014

600,000 Unquoted Options exercisable at $0.24 expiring 4 January 2015

Part 3 - Director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

+ See chapter 19 for defined terms.

Appendix 3Z Page 2 11/3/2002

Appendix 3Z

Final Director's Interest Notice

Appendix 3Z

Final Director's Interest Notice

Rule 3.19A.3

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity - PETRATHERM LTD

ABN - 17 106 806 884

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mr Lewis Owens
Date of last notice	5th December 2013
Date that director ceased to be director	31st March 2014

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

+ See chapter 19 for defined terms.

11/3/2002

Appendix 3Z Page 1

Appendix 3Z

Final Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest

Note: Provide details of the circumstances giving rise to the relevant interest

Mr Lewis William Owens & Ms Rosemary Joan Owens

Number & class of securities

513,334 Ordinary Fully Paid Shares

450,000 Unquoted Options exercisable at $0.24 expiring 4 January 2015

64,167 Listed Options exercisable at $0.03 expiring 2 November 2014

Part 3 - Director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

+ See chapter 19 for defined terms.

Appendix 3Z Page 2 11/3/2002

Appendix 3Z

Final Director's Interest Notice

Appendix 3Z

Final Director's Interest Notice

Rule 3.19A.3

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity - PETRATHERM LTD

ABN - 17 106 806 884

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mr Richard Martin Bonython
Date of last notice	5th December 2013
Date that director ceased to be director	31st March 2014

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

232,390 Ordinary Fully Paid Shares

29,049 Listed Options

+ See chapter 19 for defined terms.

11/3/2002

Appendix 3Z Page 1

Appendix 3Z

Final Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest

Note: Provide details of the circumstances giving rise to the relevant interest

Dorica Nominees Pty Ltd

Number & class of securities

3,165,724 Ordinary Fully Paid Shares

450,000 Unquoted Options exercisable at $0.24 expiring 4 January 2015

395,716 Listed Options exercisable at $0.03 expiring 2 November 2014

Part 3 - Director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

+ See chapter 19 for defined terms.

Appendix 3Z Page 2 11/3/2002

Appendix 3Z

Final Director's Interest Notice

Appendix 3Z

Final Director's Interest Notice

Rule 3.19A.3

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity - PETRATHERM LTD

ABN - 17 106 806 884

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	Mr Richard R Hillis
Date of last notice	5th December 2013
Date that director ceased to be director	31st March 2014

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

266,668 Ordinary Fully Paid Shares

33,334 Listed Options exercisable at $0.03 expiring 2 November 2014

+ See chapter 19 for defined terms.

11/3/2002

Appendix 3Z Page 1

Appendix 3Z

Final Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest

Note: Provide details of the circumstances giving rise to the relevant interest

Richard and Belinda Hillis as trustees of the B. M. Hillis Family Trust

Number & class of securities

540,000 Ordinary Fully Paid Shares

67,500 Listed Options exercisable at $0.03 expiring 2 November 2014

650,000 Unquoted Options exercisable at $0.24, expiring 4 January 2015

Part 3 - Director's interests in contracts

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

+ See chapter 19 for defined terms.

Appendix 3Z Page 2 11/3/2002

Appendix 3X

Initial Director's Interest Notice

Appendix 3X

Initial Director's Interest Notice

Rule 3.19A.1

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity: PETRATHERM LTD

ABN : 17 106 806 884

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Donald Stephens
Date of appointment	1 April 2014

Part 1 - Director's relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

300,000 Unquoted Options exercisable at $0.53 expiring 3 March 2015

300,000 Unquoted Options exercisable at $0.15 expiring 30 January 2016

+ See chapter 19 for defined terms.

11/3/2002

Appendix 3X Page 1

Appendix 3X

Initial Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of

the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest.

Number & class of Securities

NIL

Part 3 - Director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of

a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
No. and class of securities to which interest relates	N/A

+ See chapter 19 for defined terms.

Appendix 3X Page 2 11/3/2002