For Sokoria those returns are based on a 30 MW plant and capital...

For Sokoria those returns are based on a 30 MW plant and capital expenditure of USD160 million. As PAX never published an acceptable resource assessment report (equivalent to JORC) we have no way of judging whether this is reasonable, or pie-in-the-sky.

Anyway, it's value now is whatever the European company supposedly sniffing around thinks its worth, which may be very little and probably only reflect what PAX actually spent. Does the government still recognise the licence after years of nothing happening?

Better for RYG investors to focus on IoT I suspect. Geothermal in Indonesia will happen when Indonesia solves the PLN problem, which could be ages away.