Proactiveinvestors recommends
Additional Information
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
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
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
Is PAX a Buy, Sell or Hold?Get your FREE analysis of PAX
Pdf

Panax Geothermal to keep rig at Salamander-1 well

23rd Mar 2010, 8:35 am

Panax Geothermal (ASX: PAX) has reported that following the setting of the 7 inch perforated liner in the 81/2 inch open hole, the Salamander-1 well has been secured.

The Salamander-1 well is located in the Penola Project in South Australia. The company said it is pleased to note that no hydro-carbons (oil/gas) were detected.

After reaching a total depth of 4,025m in record time, wireline logging, including a vertical seismic profile survey was completed. The latter information is important for further calibrations between existing 3D seismic data and the well site.

The 1,125m 81/2 inch open hole was cleaned-up, including the removal of the filter cake, which was designed to preserve the porosity/permeability of the target reservoir sandstones of the Pretty Hill Formation. Subsequently, the mud was displaced by a “light brine”.

A perforated liner protecting the 1,125m open hole section was set at 4,025m. Most sub-contractors have now demobilised from the Salamander-1 drill site.

A short flow test programme is in preparation. The well is heating-up as the temperature is still to reach its equilibrium after the cooling effects from the drilling fluids.

Panax have agreed that following rig release, Weatherford Drilling International can keep the rig erected on the Salamander-1 well site for the time being.

Manging Director Bertus de Graaf said this is a win/win deal, with Panax having access to power supply (including lighting) and pumps during the well testing programme.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.