Panax Geothermal Ltd (PAX) aims to produce geothermal fluids from the reservoir located within Geothermal Exploration Licence (GEL) 281 (483 km2) in the Cooper Basin, north eastern South Australia for the purpose of electrical power generation. PAX controls 100% of GEL 281.
Sedimentary aquifers are naturally porous and permeable sandstones from which water can be extracted without the need for ‘enhancing’ their permeability. When these aquifers are buried beneath thick sections of thermally insulating rocks, the natural heat of the earth can warm the contained water to 125°C or higher. Such Hot Sedimentary Aquifers (HSAs) are attractive geothermal energy targets. The Nappamerri and Gidgealpa Groups in GEL 281 represent such targets.
The Tirrawarra Project’s Measured Geothermal Resource is the second “Measured HSA Resource” recorded in Australia, (Panax’s Penola project was the first) boosting the “Measured Geothermal Resource” base of Panax to 22,000 PJ. Ownership of these two advanced geothermal opportunities puts Panax in a leading and unique position as a geothermal exploration and development company in Australia.
HAS Projects such as Tirrawarra are “low hanging fruit” as they have a fast and relatively low risk development profile, producing hot water from existing reservoirs for use in “off the shelf” conventional binary geothermal power plants.
The Tirrawarra project is located about 35 km north of Moomba (Australia’s main onshore gas and oil processing facilty) relatively remote from the national transmission grid. Panax’s initial focus will be on developing small to medium plants for generating base load power to replace high cost diesel power currently used for oil/gas production.