Ann: Corporate and Project Update , page-36

I just hope PAX (and KP from his holiday house) are still canvassing other options to use in lieu of this DV facility.

From what we know and what we've seen, it's a total shocker for existing shareholders.....

In the March 2012 quarterly - almost a year ago:

"Significant progress was made on the advancement of this project during meetings in Jakarta in February 2012 and March 2012 by Panax/Bakrie with PT PLN (Persero) in conjunction with the current tenement holder, the current power station operator, and with PT Dairi Prima Minerals, and separately between Panax/Bakrie and PT Dairi Prima Minerals, whereby a revised proposal was further advanced between the parties.

This revised proposal has now advanced further and is expected to be finalized to completion in the coming weeks. This is a major achievement in advancing this high value project forward."

Then on 22 June A pax asx release:

"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.

In the written advice received from PLN, Panax and PT Bakrie Power (“Bakrie”) have been advised that “PLN, in conjunction with the authorisations and directions from the Indonesian Government Department of Finance and the Department of Energy, advises PT Bakrie Power and Panax Geothermal Limited, that the negotiations relating to the terms and conditions for the Power Purchase Agreements, relating to your Sokoria Geothermal Project and to the Dairi Prima Geothermal Project, are now complete. The final versions of these agreements are now being finalised into executable format to enable final legal review and
execution by each of the Parties”.

PLN went on to further thank both Panax and Bakrie for the manner and timeliness in which the negotiations were completed, and for the positive manner in which the negotiations were completed to a successful conclusion.
The finalisation of these agreements is a significant milestone for the company and will be the key to enable Panax to progress to finalising required project financing for these two projects. "

So much for "shortly" and "timeliness"!