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 reports on test flow results at Salamander-1
Friday, April 23, 2010
Panax Geothermal (ASX: PAX) has reported that results of the recently completed short term clean-up flow indicate that the Salamander-1 well requires further clean-up before the long term flow or well productivity test can be undertaken.
This second clean-up has been scheduled to be carried out in the week starting 10 May, 2010.
As a consequence of the above, the long term flow or productivity test, which is designed to convert part of the established “Measured Geothermal Resources” into “Geothermal Reserves”, is now rescheduled to take place in June, 2010.
Panax said the costs of this additional clean-up flow can easily be accommodated from current cash reserves.
The interpretation of the petrophysical logs of Salamander-1 and the newly acquired vertical seismic profile data (VSP) are still awaited.
The company said that geothermal temperatures in the Salamander-1 well, as measured to date, are in line with predictions prior to drill testing.
The well is located at the Penola Project in South Australia’s Otway Basin.
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