Australian Panax Geothermal provides update on Penola Project

Alexander Richter 24 Feb 2009

Panax Geothermal (ASX:PAX) provides an update on its Penola Project (as the first conventional geothermal project in Australia) with new assessments on the estimated resource on the tenement. The company refers in the announcement on measured, indicated and measured resources in the hot sedimentary acquifer.

While the measured resource is the most conservative estimated, indicated and inferred resources refers to estimated figures for the resource. The measured resource, according to Panax is about 11,000 PJ, which could allow an installed capacity of 1,000 MW geothermal electricity generation.

Total resource estimates are 202,000 PJ for the greater Limestone Coast Geothermal Project of Panax.

Source: Company announcement (via theage.com.au)