Proactiveinvestors recommends
Additional Information
Market: ASX
Sector: Renewable Energy
EPIC: PAX
Latest Price: 0.01  (0,00%)
52-week High: 0.03
52-week Low: 0.01
Market Cap: 4.11M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Panax Geothermal
www.panaxgeothermal.com.au

Panax Geothermal is a pure geothermal company with access to some of the worlds 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.

Full Panax Geothermal profile here
Pdf

Panax Geothermal achieves first steam from Salamander-1 Well

6th Apr 2010, 9:22 am

Panax Geothermal (ASX:PAX) has advised that the scheduled short clean-up flow test has been successfully completed. The test was conducted at variable flow rates, with downhole instruments used for logging pressure, temperature and flow.

The short flow reservoir test on 31 March achieved the first steam from a hot sedimentary aquifer in Australia.

A significant amount of steam was released after production flows to surface reached boiling point temperatures (100°C).

A bottom hole temperature of 156°C was recorded at 4,015m, with approximately 130°C being recorded at 3,000m (being the top of the approximately 1,000m thick target reservoir), which are both in line with earlier estimates.

The BHT is expected to increase further as the temperatures in the well have not yet fully recovered from the cooling action of the recently completed drilling.

The data collected during the short clean-up flow test will now be evaluated and interpreted in combination with the well log data (petrophysical logs) collected following completion of drilling in mid-March. According to plan, an extended flow test is scheduled to be carried out in mid-May, 2010.

Both tests were designed by SKM (New Zealand) and endorsed by GeothermEx (USA), to collect the necessary data required for the establishment of “geothermal reserves”.

At this stage, the company said, it is too early to draw any conclusions as to the quality of the reservoir but completion of the scheduled short flow test brings the Penola Project one further step closer to the establishment of Australia’s first geothermal reserves.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.