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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.

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Panax Geothermal inching closer to drilling first geothermal Hot Sedimentary Aquifer in Australia

15th Sep 2009, 11:53 am

Australian geothermal company Panax Geothermal (ASX: PAX) is inching closer to putting drill to hole at the Penola geothermal project in South Australia.

While awaiting arrival of the drilling rig from another site, Panax has advanced site construction works at Penola, as well as nearing completion of the well site and access roads.

The rig, owned by Weatherford Drilling International, will be mobilised to Penola to drill Salamander-1 in October 2009.

Interestingly, a total of approximately 135 semi-trailer loads will be required to transport this 2,000 HP rig and the associated 45 man camp.

Kerry Parker executive director of Panax said procurement of all long lead items are either completed or sufficiently advanced. Casing shipments have arrived into stock.

Salamander-1 will be the first drill test of a geothermal, hot sedimentary aquifer in Australia, and as such drilling of this first production well, is keenly anticipated.

Parker said Weatherford had advised that the performance of the contracted rig is currently operating to specification and that no mechanical or associated issues have been encountered.

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