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Market: ASX
Sector: Cleantech and Renewable Energy
EPIC: PAX
Latest Price: A$0.01  (0,00%)
52-week High: A$0.03
52-week Low: A$0.01
Market Cap: A$4.11M
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Panax Geothermal
www.panaxgeothermal.com.au

Panax Geothermal is a pure geothermal company with access to some of the worlds most promising geothermal assets. As climate change projections worsen, Panax Geothermal is well positioned to commercialise sustainable sources of base-load energy, powered from the Earth.

The long term vision of Panax is to become a major participant in the geothermal industry, both nationally and internationally. The scope of its geothermal interests will be broad, including both conventional geothermal resources (volcanic related) as well as enhanced geothermal systems (EGS) such as hot fractured rock (HFR) geothermal systems.

Full Panax Geothermal profile here
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Panax Geothermal recommences mobilisation of drilling rig

11th Jan 2010, 10:28 am

Geothermal company Panax Geothermal (ASX: PAX) has recommenced mobilisation of the Weatherford Drilling International rig from the Cooper Basin to the Salamander-1 drilling site at Penola in South Australia.

As previously advised, the mobilization process was delayed on 21 December 2009 as a result of adverse weather conditions in the proximity of the Paralana drilling site, where the WDI Lightning Rig # 828 is currently being de-mobilised.

Managing Director Bertus de Graaf said the adverse weather conditions rendered the roads impassable to transport trucks for a period of approximately 20 days, resulting in the inability of both Panax and WDI to transport critical components of the rig away from the Paralana site.

"These adverse weather conditions have now passed and road conditions have been restored to allow transportation to re-commence," Mr de Graaf said.

He said Panax formally advised WDI of the cessation of the Force Majeure event, which was invoked to minimize the company’s exposure to any unforeseen costs, with effect from 6.00 am this morning.

"Panax and WDI have continued to work together in a mutually co-operative way during the period of the Force Majeure event to ensure that as many activities as possible were able to be completed during this period," he said.

"Panax looks forward to the spudding of our Salamander-1 well later this month."

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