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KUTh Energy signs deal to push Papua New Guinea development

Restorff Island, Kimbe, New West Britain, Papua New Guinea (source: flickr/ maholyoak, creative commons)
Alexander Richter 9 Dec 2012

KUTh Energy signs deal with Kula Energy to advance its projects in Papua New Guinea, under which Kula will take a 49.8% interest for cash and working capital contribution.

As reported on Friday, Australian geothermal developer KUTh Energy “has formalised a deal with Kula Energy to advance its geothermal projects in Papua New Guinea.

Under the deal, Kula will take a 49.8% interest in KUTh subsidiary in PNG for an initial cash injection and contributions of working capital and management expertise.

KUTh currently has mineral exploration licence applications lodged for ELA 2222- Talasea tenement in West New Britain, ELA 2225- Lamelele and ELA 2226- Salamo, both in Fergusson Island in PNG.”

Source: Company announcement via Proactive Investors