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.


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