PANAX RAISES $3.7 MILLION TO ADVANCE INDONESIAN PROJECTS

Written on the 1 June 2011

PANAX RAISES $3.7 MILLION TO ADVANCE INDONESIAN PROJECTS

PANAX Geothermal (PAX) has completed a capital raising of $3.7 million by means of a partially under-written renounceable rights issue to advance their portfolio of near-term geothermal development opportunities in Indonesia and working capital.

In an announcement to the ASX, the geothermal exploration and development company says that over the past 18 months, it has established an alliance agreement with PT Bakrie Power to work co-operatively on geothermal development and production projects in Indonesia.

Panax’s current portfolio of geothermal development opportunities has the capacity to produce geothermal electricity in excess of 300 megawatts, with approximately 165 megawatts net to Panax.

The Sokoria, Ngebel and Dairi Prima projects are underpinned by agreed, commercially attractive power tariffs with agreed power off-take agreements.

Shares fell 39 per cent to 23c yesterday before opening today at 28c.


Latest News

STAFF CHURN BLAMED FOR MCGRATH EARNINGS DOWNGRADE

MCGRATH will fail to meet earnings forecasts after some of its star real estate agents defected to growing Perth firm...

MCBAIN RESIGNS AS BELLAMY'S DIRECTOR WHILE THIRD CLASS ACTION MOVES CLOSER TO SECURING FUNDING

LAURA McBain (pictured) has resigned as a director of Bellamy's Organic (ASX: BAL) today, effective immediatel...

REDBUBBLE TO MISS IPO FORECASTS

REDBUBBLE, the online marketplace for independent artists, will miss a series of forecasts set out in its IPO in its ...

BLUESCOPE CONTINUES STRONG RUN WITH GUIDANCE UPGRADE

BLUESCOPE Steel (ASX: BSL) is trading up 7.51 per cent at $11.16 per share after upgrading its half-year guidance thi...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter