JAKARTA: Panax Geothermal Ltd, a giant oil and gas company listed on Australian Stock Exchange, will conduct its first drilling this year in geothermal power plant in Sokoria, Ende, Flores, Nusa Tenggara Timur.The drilling of the 30 MW power plants will be conducted immediately after determining the well location, Panaxs management said. The company will cooperate with PT Bakrie Power, a subsidiary of PT Bakrie and Brothers Tbk, with share portion of 45%-55%.The company has completed all priorities before starting the drilling activity. We have substantially reduced the project risks, the management said in its official statement.The management believes the project that is initially producing 10 MW will succeed before its increased next month to 30 MW. Such megawatt capacity is far beyond overall potential capacity of 90MW as recorded by Japan International Cooperation Agency (JICA) in 2008.Panax is also in partnership with Bakrie in 35 MW geothermal plant project in Dairi Prima, North Sumatra with 51% share portion and 165 MW plant in Ngebel-Wilis, East Java with 35% share portion. The company also owned 95% stake in geothermal project in Jambi.The company has completed the negotiation on share portion and the agreement clausal of Ngebel-Wilis geothermal project with Bakrie Power. As planned, the project will operate commercially at the end of 2012.Panaxs study shows that Indonesia is the center of worlds geothermal with a potential capacity of 27,000 MW. On the other hand, the government plans to increase production capacity of geothermal power up to 240% in the next four years and guarantees to maintain electricity tariff at a price of US$97 per MW per hour.Wetar projectMeanwhile, the latest bankable feasibility study on Wetar copper mine project, controlled by Finders Resources Ltd, showed the project net value reaching to US$304 million or equivalent to IDR2.6 trillion.We use the study result as fundamental in negotiating the project financing and complete the appointment of financing securities next month, Finders Management said in its official statement.Wetar project value was calculated using the assumption of copper median's prices between US$6,000 per ton and US$10,000 per ton. It worth US$143 million at price of US$6,000 per ton while at US$10,000 per ton, its value surged US$ 430 million. (T06/NOM)
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