News

Panax Geothermal with new resource assessments

Alexander Richter 1 Feb 2009

Announced by the company, Panax Geothermal (ASX:PAX) announced that it has completed additional assessments in large areas of its tenements.

Announced by the company, Panax Geothermal (ASX:PAX) announced that it has completed additional assessments in large areas of its tenements.

The assessments, of a total inferred resource of 111,000 PJ. The company claims these results to show that the Limestone Coast Geothermal Project has the potential to become a renewable energy project of national importance. Panax is scheduled to embark on demonstrating the potential by 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.