KUTh Energy sees extension of licenses in Vanuatu and Tasmania
Australian geothermal developer receives extensions for its Takara exploration license in Vanuatu and for two licenses in Tasmania the company will focus on.
In announcements to the Australian Stock Exchange, Australian geothermal developer KUTh Energy reports that its licenses in Tasmania/ Australia and Vanuatu have been extended.
“The Tasmanian government has extended KUTh’s key exploration license area (SEL26/2005) located in the central and north-eastern region of Tasmania.
The licence has been extended by 5 years from 1 August 2011 until 31 July 2016 to allow KUTh sufficient time to undertake its next stage geothermal exploration programs. The government of Tasmania are well aware of the challenges that have faced the geothermal sector over the last two years and in granting the extension have recognised the considerable works undertaken by KUTh to identify two inferred resource targets within the tenement boundaries. KUTh has also surrendered various areas that it believes are no longer of geothermal development interest.
The Company has now contracted its areas in Tasmania to the two key resource targets identified at Lemont and Fingal. As reported previously it has also been the first to implement reporting of these targets in accordance with Edition 2 of the Australian Code for Reporting of Exploration Results, Geothermal Resources and Geothermal Reserves.”
The Vanuatu “Ministry of Lands, Geology, Mining and Energy have extended KUTh’s key prospecting licence located at Takara, North Efate (GTPL 29001) for a further seventeen (17) months, revising the expiry date from 1 April 2012 to 1 October 2013. This licence includes all three of KUTh’s identified inferred resource targets and potential drill sites. KUTh’s remaining Licence areas consisting of Teouma (GTPL 29000 expires 1 April 2012) and Epule (GTPL 210003 expires 1 April 2013) will be reviewed closer to the scheduled expiry dates.
The extension was granted to cover the period that the company has been sidelined awaiting the finalisation of the World Bank Energy review and the regulatory review process undertaken on existing energy tariffs. The extension period will enable KUTh to finalise power off-take and commercial arrangements and proceed through the next stage drilling programs.”