Panax upbeat over its geothermal projects
Thursday, December 20 2012 - 01:58 AM WIB
ASX-listed Panax Geothermal Limited has expressed optimism over the planned power purchase agreement (PPA) on its Sokoria and Dairi Prima geothermal projects, saying that there has been no impediment so far regarding the licensing process.
The company said in a press statement on Thursday that following recent detailed meetings in Indonesia with state utility PT PLN and the ministry of finance, it had been assured that the process of getting the PPA documents for the two geothermal projects are progressing well.
?We are not aware, have not been advised of, and do not anticipate any changes to the agreed final versions of the documents that have been reviewed by all parties. We are ensuring that we are applying as much pressure as possible to ensure the timely execution of these documents, for the benefit of all parties,? the company stated.
It noted that it is also on track for securing the financing facility for the projects. Currently, it is in discussions with a number of interested parties, comprising predominantly Asian based financiers, and particularly so with one well known Asian based equity fund.
An Extraordinary General Meeting of the company is planned for Wednesday 6 February 2013 , for the purposes of seeking shareholder agreement to refresh the company?s 15 percent placement capacity under the ASX Listing Rules, following recent share issues to Deer Valley Management LLC.
Editing by Benget Besalicto Tnb.