Raya Group Limited, formerly Panax Geothermal Ltd, is an exploration and development company. It identifies, explores, and develops geothermal resources, and converts them into reserves for power generation. It operates in five segments: Penola Trough, Other Limestone Coast, Cooper Basin, Indonesia, and Other International. Activities in the Penola Trough focus on its activities in GEL 223 and GEL 484 area. Activities in Other Limestone Coast focus on its activities in the GEL�s 170, 171, 172, 173, 184, and 212 in the south-east of South Australia. Activities in Cooper Basin focus on its activities in the GEL�s 220, 221, 281 and 502 in the Cooper Basin region of South Australia. The activities in Other International focus on Puga Geothermal Project in the Himalayan Geothermal Province of Northern India, in a joint venture between the Company and Geosyndicate Power Private.