time for some news, page-4

Hmmm, a tough one to decide. I believe having deals signed and drills spinning make GDY and their *significantly* more attractive Australian project a very good choice for exposure to the Australian market. GDYs business position is second to none, and we may as yet see some first mover advantages emerge in the next 2 years.

That said, PAX have a ~$10M valuation placed on their projects (after cash deductions), which include the L.C with the lowest geological risk (and lowest estimated production cost outside of the Cooper Basin) in Australia, and the enormously promising international tenements (with thermal gradients that dwarf anything found in Australia, from a whopping 100C/km and even higher).

But, instead of just sitting on the fence, I'll mention that my exposure to PAX is now 20% larger than my exposure to GDY, and that yes, I expect the SP of PAX to outperform GDY, at higher business risk.

Soon, Panax Geothermal are going to need a rig for the L.C project. It was mentioned at the AGM, and it could be expected that negotiations to acquire one have advanced. The rig will not come cheap (the Lightning Rig, the beast that drilled HAB3, came in at a healthy $32M), so keep an ear and an eye open for any financing agreements that may be thrown up in this first half of the year.