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Market:	ASX
Sector:	Alternative Energy
EPIC:	PAX
Latest Price:	0.01 (0.00%)
52-week High:	0.06
52-week Low:	0.01
Market Cap:	6.24M

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Panax Geothermal

Panax Geothermal (ASX: PAX) is a pure geothermal company with access to some of the world's 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.

New drill record for Panax Geothermal Salamander-1 well

Tuesday, March 16, 2010

Panax Geothermal (ASX:PAX) has advised that the Salamander-1 well passed the 4,000m target depth on Monday 15 March, 2010, meeting Panax’s mid-March target date at the Penola Geothermal Project in Penola, South Australia.

Drilling operations were terminated at 4,025m in the Pretty Hill Sandstones, which comprise the target reservoir.

In a statement, the company said this makes Salamander-1 one of the deepest wells drilled in the Otway Basin.

The 4,025m deep well was drilled in 44 days (including four rig repair days), using only six drill bits, significantly reducing drilling time.

The Salamander-1 well has set a new drilling record for the Australian geothermal sector.

Operations will now focus on logging the 1,125m long open hole section in the target reservoir rocks and the setting of the open hole, seven inch perforated liner.

This will be followed by the well testing programme.

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