Raya Group Limited, formerly Panax Geothermal Ltd, is an Australia-based exploration and development company. The principal activity of the Company is the exploration of geothermal opportunities in Australia, India, Indonesia and United States of America. The Company's operating segments include Penola Trough, Limestone Coast, Indonesia, India and United States of America. The activities in the Penola Trough segment focus on the Company's activities in the GEL 223 area in the southeast of South Australia. The activities in the Limestone Coast segment focus on the Company's activities in the GEL 611 area in the southeast of South Australia. The Company holds interests in three geothermal projects in Indonesia comprising the Sokoria Geothermal Project, the Ngebel Geothermal Project and the Dairi Prima Geothermal Project. The Company is the operator of the Puga Geothermal Project, which is located in the Himalayan Geothermal Province of Northern India.