interesting agm, page-5

Hello Peter, after all my waffling I forgot to answer your question.

The resource is extremely shallow, as indicated in the announcement today. According to Mr Parker, lead times are slightly longer in the PUGA area than those experienced in Australia (though not by much).

The region has been drilled extensively, and the geothermal reservoirs are known to be of extreme temperature and pressure. De Graaf has access to extensive thermal and geological data, and Panax simply needs to compile the data, prioritise the drill targets, and commence the drilling. Mr Parker expects that data compilation and rig acquisition will occur in tandem.

Shallow drilling of no deeper than 1500m will intersect extremely hot and fractured rocks. Flow testing will prove the reserve, and allow development/World Bank funding to get the infrastructure in place to develop the many thousands of MW potential capacity.

The project has almost no geological risk - the risk is all in the funding, though I expect this will not remain an issue for long. Several parties have expressed interest....