ASX:PAX – Finalisation of PPA Negotiations Agreements being prepared for Execution

Finalisation of PPA Negotiations Agreements being prepared for Execution

Panax Geothermal Limited (“Panax”) is pleased to announce that it has received written advice from PT PLN (Persero) (“PLN”) in conjunction with the Indonesian Ministries of Finance and Energy, in regard to finalisation of Power Purchase Agreements (“PPA”) for both our Sokoria Geothermal Project and our Dairi Prima Geothermal Project.

PLN and the Ministries of Finance and Energy have confirmed that all negotiations relating to the terms and conditions of the PPAs for both Sokoria and Dairi Prima Projects are now final, and the final execution copies of these agreements are now being reviewed and prepared. Based on the written advice received, execution of these agreements is expected to occur shortly.

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