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KUTh Energy updates on activities in Australia & Vanuatu

KUTh Energy updates on activities in Australia & Vanuatu KUTh Energy tenements in Australia and Vanuatu (source: KUTh Energy)
Alexander Richter 29 Oct 2010

In a recent quarterly update, Australian geothermal development company KUTh Energy provides updates on its Vanuatu project and its activities in Tasmania and Queensland in Australia.

In a recent quarterly activities report for the period ended September 30, 2010, Australian KUTh Energy provides updates on activities.

Key highlights – Vanuatu: SKM report completed and inferred resource statement issued, multilateral bank funding discussions in progress and government appointing World Bank for energy study to support geothermal development.

Key highlights – Tasmania: Geophysical results continue to support the NFHR play model at Lemont and targets “drill ready”.

During the quarter the company has maintained focus on its Australian tenements, with a view to bringing the Tasmanian targets to a “drill ready” stage, and to initiate early stage exploration on the North Queensland tenements.

We released announcements to the ASX in September providing information on the completed magnetotelluric (MT) surveys and the 2010 infill gravity survey, both covering the Tasmanian Lemont drilling target. Data from these surveys continues to provide us with confidence that we have two first class geothermal targets. To move these forward will need a clear landscape on carbon pricing policy and renewable energy support initiatives.

Vanuatu has continued to gather momentum during the quarter and culminated in a Statement of Inferred Resource released to the ASX on 5 October 2010. While Vanuatu is a modest start-up project it provides the company with a pathway to early revenues and an ability to develop a “start to finish” geothermal project, aligning all stakeholders through the process. This provides the company with a working model to expand into other markets with similar high cost diesel generation dependencies.”

General and Corporate Activities: The company held its Annual General Meeting in Sydney on 5 October 2010 and this was followed by further shareholder, government and other key stakeholder briefings in Hobart on 12 October. The company attended the the All Energy Conference in Melbourne on 6 and 7 October.
The annual Australian Geothermal Conference will be held in Adelaide from 17-19 November. The company will have a trade booth and will be presenting at the conference.
Cash holdings: At 30 September 2010 the company’s cash holdings stood at AU$1.89 million. The company also has a REDI
Grant from the Australian government which has an undrawn balance of AU$464,629.

General and Corporate ActivitiesThe company held its Annual General Meeting in Sydney on 5 October 2010 and this was followed byfurther shareholder, government and other key stakeholder briefings in Hobart on 12 October. Thecompany attended the the All Energy Conference in Melbourne on 6 and 7 October .The annual Australian Geothermal Conference will be held in Adelaide from 17-19 November. The company will have a trade booth and will be presenting at the conference.7Cash holdingsAt 30 September 2010 the company’s cash holdings stood at $1.89 million. The company also has a REDIGrant from the Australian government which has an undrawn balance of $464,629.” (all above in Australian dollars)

For the full release see link below.

Source: KUTh Energy release of Sept. 30, 2010 (pdf)