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Additional Information

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 to keep rig at Salamander-1 well

Tuesday, March 23, 2010

Panax Geothermal (ASX: PAX) has reported that following the setting of the 7 inch perforated liner in the 81/2 inch open hole, the Salamander-1 well has been secured.

The Salamander-1 well is located in the Penola Project in South Australia. The company said it is pleased to note that no hydro-carbons (oil/gas) were detected.

After reaching a total depth of 4,025m in record time, wireline logging, including a vertical seismic profile survey was completed. The latter information is important for further calibrations between existing 3D seismic data and the well site.

The 1,125m 81/2 inch open hole was cleaned-up, including the removal of the filter cake, which was designed to preserve the porosity/permeability of the target reservoir sandstones of the Pretty Hill Formation. Subsequently, the mud was displaced by a “light brine”.

A perforated liner protecting the 1,125m open hole section was set at 4,025m. Most sub-contractors have now demobilised from the Salamander-1 drill site.

A short flow test programme is in preparation. The well is heating-up as the temperature is still to reach its equilibrium after the cooling effects from the drilling fluids.

Panax have agreed that following rig release, Weatherford Drilling International can keep the rig erected on the Salamander-1 well site for the time being.

Manging Director Bertus de Graaf said this is a win/win deal, with Panax having access to power supply (including lighting) and pumps during the well testing programme.

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