Ann: Moten Power Update , page-48

Thanks Graham. I like the sound of doing Sokoria in two stages. Young companies like PAX need to start small. Once you go 'cash positive' or at least cover your cash burn, you're a lot more solid IMO, not so reliant on CR's, too cheap equity finance or dodgy 'convertible notes.'

I had Dairi Prima as operating from 2013, Sokoria @ 30MW from 2015, but I don't think there's any way Dairi Prima could be operating by next year. I've heard even once your production wells are all drilled, it takes a good 18months to actually produce geothermal power (flow testing, power plant construction).

Every geothermal timeline from any company presentation over the last 5 years has blown out, mostly by 30-50% so I have learnt to automatically factor that in, so my guess is:

Dairi Prima: operating at 25MW in 2015

Sokoria: @ 10MW in 2015, @30MW in 2018

Still a long term spec buy due to rock bottom market cap IMO but high risk/high reward.