take a step back - see it for what it is, page-24

ok fb77. Down in the gutter. Hi.

1 - PAX management have not achieved anything substantive, yet.

2 - Results of the Penola well were intentionally mis-communicated by BdG

3 - Relations with Bakrie would appear to be as valuable as made out

4 - Have you done business in Indonesia with an Indonesian partner?

5 - Directors do not have enough skin in the game.

6 - You know KP is a finance guy with very no geothermal experience?

7 - What happened to Puga? That is right, it was never a project. I see. Now to Indonesia. ;-)

8 - PPA's. Hmm? Do you know anything about PLN? Do you know anything about Itochu and Ormat and others with $100's of Millions allocated on development projects stalled for years due to lack of PPA's?

9 - Who the hell are PAX? I don't see much high calibre experience on the board or management. Certainly not on the utility powergen side? All the wannabes reckon it is 12months to build a power plant, but none have ever built any sort of power plant.

10 - The market has spoken and smashed PAX, rightfully so. PAX is not alone, but a representative under-performer. Nice quarterlies, yes, actual tangible progress, not.


disc: I have followed closely for years, but never held. WHTM tried flogging some stock to a fund I was involved with a year or two back, but it was clear then that there were some rainbows being chased.

Is that substantial enough?