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Market:	ASX
Sector:	Alternative Energy
EPIC:	PAX
Latest Price:	0.01 (0.00%)
52-week High:	0.03
52-week Low:	0.01
Market Cap:	4.11M

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Panax Geothermal

Panax Geothermal (ASX: PAX)has near term geothermal projects in Indonesia and is also pioneering conventional geothermal technology in Australia along with projects in India.

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

Tuesday, September 15, 2009

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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