Ann: Moten Power Update , page-52

My feeling is that the risks of corruption and embezzlement of funds is also particularly high - I'm sure Panax directors would disagree publicly, but I hope they are monitoring the situation and safeguarding our interests diligently.

I wouldn't be overly surprised by cost blow-outs, to be honest.

It seems like we are a lot further from funding the Indonesian developments than I thought.

Having said that, management showed, in my view, significant prowess in overcoming barriers with their Australian projects. I think we have good reason to have faith in this lot - they are among the most successful managers in the geothermal industry in Australia.

In some ways, its a pity the funds were spent in Australia rather than Indonesia. However, I also praise them for taking advantage of grants opportunities during the small window when they could.

All in all Panax remains a company with good management and good assets. If finance was not such a problem then this would ba a fantastic opportunity for all stakeholders.