Wednesday, June 22, 2011

KUTh Energy Ltd [KEN] - Vanuatu Geothermal Project Update

Surface exploration works complete.
Preliminary well design and draft drilling contracts prepared. Rigs identified - contract negotiations in progress.
Development Bank funding - European Investment Bank discussions in progress.
Utility re-engaged on power off-take.
World Bank energy study nears completion - trigger for KUTh to move to drilling.
Strong investment interest in the project - joint venture partner discussions initiated.
Next steps: Finalise tariff and power off-take arrangements, close funding and proceed to drill. Note all these items in progress at the time of this report.
This project positions KUTh to accelerate the path to revenue and profitability.

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