Panax reports further progress on Sokoria geothermal project

Australian energy company Panax Geothermal Limited said it has gained supports from local government and community over its Sokoria Geothermal Project located on the island of Flores.

The company representatives have conducted consultative meetings with local government in the town of Ende, attended by around 60 local people. The company presented its future planned activities.

"Feedback from the meetings indicates there is continuing strong government and community support for the development of the project," Panax said.

The company said continuing planning and reconnaissance work currently is being conducted on and adjacent to the Sokoria project site.

A team of about 12 project staff and key consultants are currently on the ground and in nearby areas, undertaking final planning and exploratory studies in and around the project site before drilling commences.

The team is carrying out detailed road and port surveys, selecting and marking out final drill sites, and selecting sites for the power station, on-site camp, warehouse and other amenities.

The Sokoria Geothermal Project is a joint venture between Panax and PT Bakrie Power. Panax has a 45 percent interest in the 30 MW project.

Electricity generated from the project will be sold to state utility company PT PLN at a price of US$ 125/MWh, plus carbon credits.

The Sokoria project has an extensive exploration database, including three exploration wells and extensive coverage from magneto-telluric surveys. (romel)