Panax is drilling much softer sediments to what Petratherm was. Hence it is expected Panax has a much easier time drilling.
Not sure how we would conclude Panax has the best fundamentals for any company in Australia but certainly its market cap has some of the potential priced in considering its market cap higher than Petratherms, although one can argue PTR is in a better position given the JV funding.
Panax is drilling much softer sediments to what Petratherm was....
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