The nature of our business is the identification and exploration of prospective geothermal resources and to convert these into geothermal reserves for the production of commercial geothermal energy. Geothermal power generation is not dependent on new technology (i.e. no new technology risk). The risks of our endeavours are directly related to the conversion of geothermal resources to economic geothermal reserves, i.e. the economic extraction and utilisation of geothermal energy. In that sense it is very similar to risks associated with mineral or oil/gas exploration.

The Company will not only focus on clean power generation but will also embrace direct use of geothermal heat for use in e.g. industry, district heating (or cooling), and desalination.

The rationale for focusing on geothermal energy is directly linked to the threat of global warming as caused by CO2 emissions from the continued use of fossil fuels. National and international momentum is building for a ‘climate change pact’ and this foreshadows that clean energy generation is the key to our future.

Geothermal energy is one of the very few sustainable sources of energy which can replace base load power from fossil fuelled power stations. Compared to other sustainable energy options, geothermal resources are still not valued according to their commercial potential for the long term generation of clean base-load power. This is the opportunity which Panax aims to turn to good account.

What is Geothermal Energy?

Geothermal energy literally means – earth heat – or heat from the Earth. This energy is stored in the Earth’s crust. It is a clean and an environmentally sustainable natural resource which is ready to play an increasing role in meeting the world’s urgent needs for clean energy.

The planet Earth is a dynamic thermal engine with most of the heat originating from radioactive decay from deep within. Without this phenomenon, the Earth would have ‘frozen’ into a solid, devoid of any life. Instead, the Earth is in a state of continuous change and renewal, creating new crust whilst at the same time consuming existing crust. This fundamental geologic process is known as plate tectonics.

Limestone Coast Project, South Australia

This advanced and highly prospective geothermal project is the principal and primary asset of Scopenergy Pty Ltd (“Scopenergy”), a company acquired by Panax in October 2007. This unique geothermal project was developed on the basis of a new and innovative exploration model, targeting ‘blind’ geothermal resources in sandstone units in an area of high heat flow in the Otway Basin. [READ MORE]

Puga Project, India

This advanced and relatively low risk geothermal project is located in the Puga Valley, 140km east of the tourist town of Leh. The project is located in a barren valley above the tree line. Drilling carried out by the United Nations Development Programme in the 1980’s has confirmed the occurrence of extremely high geothermal gradients and the presence of a shallow geo-pressured geothermal reservoir (e.g. 125oC at depths of less than 300m).[READ MORE]

Krishna-Godavari Project, India

In August 2007, GPP was granted the exclusive exploration rights for geothermal resources in the State of Andhra Pradesh, including the right to drill shallow and deep geothermal wells. The Godavari-Basin has a sound geological database, including seismic and gravity data as well as some deep oil/gas wells located in a delta, near the coast.[READ MORE]

Kyrgyzstan Ptroject

This Central Asian country is endowed with widespread occurrences of thermal springs as well as high heat producing granites. It is a net exporter of hydro electric power to neighboring countries and has a well developed high voltage transmission grid in close proximity to geothermal areas of interest. [READ MORE]

Slovakia

Slovakia is characterized by a high supply/demand gap for electricity, with very attractive electricity tariffs in place to encourage the development of Slovakia’s geothermal generating potential. [READ MORE]

DIRECTORS

Mr Greg Martyr - Non-executive Chairman
   
Dr Lambertus de Graaf - Managing Director & CEO
   
Mr Kerry Parker - Executive Director, Company Secretary & CFO

Mr Stephen Evans - Non Executive Director

Ian Reid - Non Executive Director

MANAGEMENT

Dr Lambertus de Graaf - Managing Director & CEO
   
Mr Kerry Parker - Executive Director, Company Secretary & CFO

Ron Palmer - Chief Operating Officer

Donna Gallaher - Group Finance Manager

David Jenson - General Manager, Geothermal Engineering

For shareholder and investor information on Panax Geothermal please CLICK HERE