The resignation of Kerry Parker is a disaster for Panax. His is the corporate memory and experience of the company. He was trained for years by Bertus de Graaf in the techniques and procedures to make geothermal energy a success via short routes. Despite the delays, the ineptitudes of governments here and in Indonesia, those methods are still the ones that should be followed. Without meaningful funding KP’s hands were tied. The Salamander 1 well was the killer insofar that it took ~$20M out of kitty without contributing anything. After that everything had to be done on petty cash and in a shareholder environment that scarcely supports geothermal prospects.
Where a company like Panax can move from here is a problem that I doubt the new board can solve. KP’s connections with industry and Indonesian departments are not reproducible in a couple of years, and even less so by just advertising for a new MD. Advertising for a takeover offer may be more useful but not lucrative at this stage.
I thoroughly empathise with both de Graaf and Parker who worked incredibly hard for the ideal of implementing a solution for clean energy. I was a keen follower of this company since before it became Panax but I saw the writing on the wall after the Sal 1 debacle.
Juke
PAX Price at posting:
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