The Sokoria Project will be developed in a joint venture between Panax and PT Bakrie Power, part of the listed Bakrie Group which is one of Indonesia’s largest companies. The project will involve constructing a 30 megawatt geothermal power station. Power will be sold to the Indonesian Government electricity regulator at US$125 per megawatt hour plus carbon credits.

The project has an extensive exploration database including three exploration wells and its resource potential is up to 145 megawatts. The geothermal field is well known from previous exploration work including drilling. At depths of 1,500 to 2,000 metres, geothermal reservoir temperatures are estimated to be more than 230°C.

The maximum capacity of diesel generation in the local electricity market is approximately 12 megawatts. Electricity users often lose power daily. Most households only have electricity for a portion of the day and some areas are not connected at all. When the Sokoria Project is complete the region will have access to power 24 hours a day, 7 days a week.

Panax and Bakrie have held several meetings with local government and community representatives throughout planning stages of the project. There is strong support to develop this project as it will have significant benefits for the region and its residents.

The first stage of the project will involve a 10 megawatt development which will be upgraded to 30 megawatts 12 months after the initial development. Once a reliable power supply is available to the community, total market demand is likely to exceed 30 megawatts, allowing Panax and Bakrie to expand the project further.

Location Flores island, Indonesia
Equity 5% - Panax as Operator
Key features
  • 30 megawatt project with up 145 megawatts potential
  • Strong government and community support for the development of the project
  • Well-know geothermal field from previous work
  • Excellent infrastructure – close to the capital of Flores Island
  • Electricity to be sold to Indonesian Government electricity regulator

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