Panax signs MOU with Santos for Tirrawarra project

In Australia, Panax Geothermal signed a memorandum of understanding with Santos for the possible purchase of electricity that might be produced from the geothermal exploration at the Tirrawarra Project in South Australia. Santos, an oil and gas exploration and production company, has operations in the Moomba region. Panax still has exploration, drilling and infratructure work to complete, but the area has a large measured geothermal resource. Target temperatures are in the range of 155 C to 160 C, at depths of about 8,500 feet to 11,000 feet.