PANAX and Adelaide Energy have decided to share data and facilities over commonly explored areas in the Penola region, South Australia.
The companies Directors claim the agreement will save the firms both capital cost and time during these uncertain and challenging economic times.
Panax holds geothermal exploration rights in the area, while Adelaide Energy is exploring for oil and gas in the same area.
The deal couldn’t have come at a better time for Panax which is scheduled to start drilling its first production well in June 2009.
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