Panax Geothermal, based in Queensland, Australia, remains confident that the Power Purchase Agreements for its Indonesian geothermal projects are progressing through the execution process within the Indonesian Government.
It noted there were no impediments or issues relating to the execution of the agreements and that progress was being followed up on a daily basis to ensure that it is completed as soon as possible.
Discussions with interested financiers – predominantly Asian, and a well known Asia-based equity fund in particular – is also progressing, with Panax expecting to make an announcement early in 2013.
Panax also expects to receive a A$300,000 research and development tax rebate in January 2013.
