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
1 day chart
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.

Pdf

Panax Geothermal receives rig mobilisation date for Salamander-1 Well

26th Oct 2009, 3:22 pm

Spud date for Panax Geothermal Limited's (ASX: PAX) Salamander-1 well in the Penola Geothermal Project moved a step closer today on advice received from drilling contractor Weatherford Drilling International.

Bertus de Graaf managing director of Panax said the contract drilling rig Le Tourneau Lightning Rig # 828, is now estimated to be released from its current location on or about 7 November 2009.

After allowing for sufficient time to transport the rig from its current location, he said the company expects to be able to spud Salamander-1 well towards the end of November 2009 - some 70 days later than originally anticipated.

Panax investors welcomed the news, pushing the share price up 2.5%, to 20.5 cents.

The Salamander-1 well is a production well designed with the aim to convert part of the “Measured Geothermal Resource” of the Penola Project into Geothermal Reserves.

This would in turn form the basis for the development of a commercial, grid connected demonstration plant, representing a first for Australia.

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.