Raya Group Ltd Annual Report to Shareholders (Yahoo!7 News - News Release)
Raya Group Ltd formerly Panax Geothermal Ltd, holds some of the most prospective geothermal sites available in Australia and Indonesia. Whilst the Geothermal sector has been extremely challenging, Raya has been active with Indonesian joint venture partner Bakrie Power. Activity in the Indonesian Geothermal sector has increased, and the company continues to discuss opportunities with various EPC Groups and Funding parties showing renewed interest in our Indonesian Geothermal projects.
Raya surrendered its geothermal exploration licenses (GEL) held in the Cooper Basin at the start of the year which further removed an $8m work commitment from its accounts. Restoration and general cleanup was spent on the Salamander-1 well site in February this year which has left the site in good standing order. The site remains on care and maintenance until further interest is revived in the geothermal sector.
View the annual report at:
http://media.abnnewswire.net/media/en/docs/ASX-RYG-823699.pdf
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