Panax Geothermal
www.panaxgeothermal.com.au
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.
Panax Geothermal announces historic first conventional geothermal measured resource in Australia
Panax Geothermal has announced part of its Limestone Coast Geothermal Project in South Australia has a ‘Measured Resource’ of 11,000 PJ, enough to power more than 500,000 homes.
Panax Geothermal (ASX:PAX) has announced part of its Limestone Coast Geothermal Project in South Australia has a ‘Measured Resource’ of 11,000 petajoules (PJ), enough to power more than 500,000 homes.
Panax Managing Director Dr Bertus de Graaf said an independent assessment of the areas by Hot Dry Rocks Pty Ltd (HDRPL) has led to a substantial upgrade of Panax’s Penola Trough resource.
Dr de Graaf said the Penola Trough in GEL 223 now totalled Geothermal Resources of 132,000 PJ, of which 11,000 PJ could be classified as a Measured Resource. “The determination of a relatively large Measured Resource of 11,000 PJ relating to a Hot Sedimentary Aquifer (HSA) project is a first for Australia,” he said.
“The Measured Resource is more than five times larger than anything announced by other Australian geothermal companies and we have arrived at this without drilling a single well.
“By any standard, the Measured Resource of 11,000 PJ is, in theory, large enough for operating a 1,000 Megawatt power station for 30 years, or sufficient energy to power more than 500,000 homes.
“The fact that this Measured Resource is directly associated with a HSA is very promising, as this type of project relies on hot water, contained in an existing aquifer or reservoir.” Dr de Graaf said the updated assessment by HDRPL found Penola Trough GEL 223’s Geothermal Resources included 89,000 PJ of Inferred Resources and 32,000 PJ of
Indicated Resources.
“The large increase in the Total Geothermal Resources as compared to the previous announcements is directly related to the result of new work carried out by HDRPL,” he said.
Dr de Graaf said the total geothermal resource for the greater Limestone Coast Geothermal Project of 202,000 PJ excludes a resource assessment for the Tantanoola Trough, which is currently underway. Panax is scheduled to start drilling its first production well, Salamander 1, in mid 2009.
The completion of this well is expected to lead to the conversion of part of the geothermal resources to geothermal reserves. Dr de Graaf said the company was also completing an independently reviewed prefeasibility study, which is scheduled for release later this quarter.
“The Limestone Coast Geothermal Project has the potential to become a renewable energy project of national importance,” he said.
About Panax Geothermal
Panax’s Limestone Coast Geothermal Project, located in South Australia’s south-east near Mount Gambier, covers a total area of 3,127 sq km. The National Electricity Market Management Company power grid traverses the entire project area.
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.
Panax’s key asset is the advanced and ready to drill-test Limestone Coast Geothermal Project in South Australia, which has an estimated generating potential*) of approximately 1,500 MWe, i.e. the equivalent of two coal fired power stations or enough power for more than one million homes.
Panax Geothermal (ASX:PAX) has announced part of its Limestone Coast Geothermal Project in South Australia has a ‘Measured Resource’ of 11,000 petajoules (PJ), enough to power more than 500,000 homes.
Panax Managing Director Dr Bertus de Graaf said an independent assessment of the areas by Hot Dry Rocks Pty Ltd (HDRPL) has led to a substantial upgrade of Panax’s Penola Trough resource.
Dr de Graaf said the Penola Trough in GEL 223 now totalled Geothermal Resources of 132,000 PJ, of which 11,000 PJ could be classified as a Measured Resource. “The determination of a relatively large Measured Resource of 11,000 PJ relating to a Hot Sedimentary Aquifer (HSA) project is a first for Australia,” he said.
“The Measured Resource is more than five times larger than anything announced by other Australian geothermal companies and we have arrived at this without drilling a single well.
“By any standard, the Measured Resource of 11,000 PJ is, in theory, large enough for operating a 1,000 Megawatt power station for 30 years, or sufficient energy to power more than 500,000 homes.
“The fact that this Measured Resource is directly associated with a HSA is very promising, as this type of project relies on hot water, contained in an existing aquifer or reservoir.” Dr de Graaf said the updated assessment by HDRPL found Penola Trough GEL 223’s Geothermal Resources included 89,000 PJ of Inferred Resources and 32,000 PJ of
Indicated Resources.
“The large increase in the Total Geothermal Resources as compared to the previous announcements is directly related to the result of new work carried out by HDRPL,” he said.
Dr de Graaf said the total geothermal resource for the greater Limestone Coast Geothermal Project of 202,000 PJ excludes a resource assessment for the Tantanoola Trough, which is currently underway. Panax is scheduled to start drilling its first production well, Salamander 1, in mid 2009.
The completion of this well is expected to lead to the conversion of part of the geothermal resources to geothermal reserves. Dr de Graaf said the company was also completing an independently reviewed prefeasibility study, which is scheduled for release later this quarter.
“The Limestone Coast Geothermal Project has the potential to become a renewable energy project of national importance,” he said.
About Panax Geothermal
Panax’s Limestone Coast Geothermal Project, located in South Australia’s south-east near Mount Gambier, covers a total area of 3,127 sq km. The National Electricity Market Management Company power grid traverses the entire project area.
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.
Panax’s key asset is the advanced and ready to drill-test Limestone Coast Geothermal Project in South Australia, which has an estimated generating potential*) of approximately 1,500 MWe, i.e. the equivalent of two coal fired power stations or enough power for more than one million homes.
