The Otway Basin stretches from South Australia to Victoria. Panax’s Limestone Coast Project covers most of the South Australian part of the basin, targeting hot sedimentary aquifers located in sub-basins or troughs in the Otway basin. The Penola Project is part of the Limestone Coast Project.
Panax has four geothermal exploration licences in the north east of South Australia. These overlap the Great Artesian Basin and the Hutton Sandstone – a well-known high-quality geothermal reservoir. It has been demonstrated in existing wells within these tenement areas, and seismic data, that the Hutton Sandstone can be found at depths greater than 2,000 metres and with temperatures up to 145°C.