I am not a holder of PAX but I watch with interest as a holder of TEY, GRK and GER. I will probably invest in PAX in the near future. I did not expect PAX to get another grant at this stage because it has not spent the grant received earlier in the year. From the companies announcement they did not expect another grant so soon either. From their report:
"While Panax is disappointed with the decision by DRET in this regard, the outcome is not of surprise to Panax, given our success earlier this year in receiving a $7 million grant under Round 1 of the GDP for our Penola Geothermal Project in the Limestone Coast region of south east South Australia."
The drilling about to start will be the make or break for the companies SP in the short term in my opinion.While I disclose no position my sentiment is LT buy as I do believe there is a future for Geothermal electricty generation and I believe that PAX could be one of those successful in the industry.
PAX Price at posting:
14.3¢ Sentiment: LT Buy Disclosure: Not Held
