re: Ann: Close of Pro-rata Renounceable Right... When you have such extremely limited funds you don't divide it between two or more projects. Succeeding in one is essential. Even if the expert company said it only needs a few mils of eau de cologne thrown down the SAL-1 well to fix it PAX would not restart it. PAX has now to gain standing in the eyes of Bakrie, the Indonesian Government, and the local Sokoria people by scraping together the cash needed to drill their first well there. There are many ancillary costs. Having to contribute only 45% of costs is still a heavy load under present circumstances.
Of course, Sunday may produce a miracle. If the entire $2B for renewables were to be allocated solely to the geothermal sector and be instantly available as in a lolly scramble then PAX would proceed with the Penola project as well. However, government wheels turn slowly and in the interests of keeping up appearances of fairness and supporting all, a raft of distribution and application possibilities and will be enunciated, and for time scales that may not help anyone in the first 12 months. PAX will keep other projects on the back burner to keep shareholders tantalised.
Some additional far left scenarios are also possible.
Juke
PAX Price at posting:
2.4¢ Sentiment: None Disclosure: Held
