KUTh Energy extends of licenses in Vanuatu

Australian geothermal developer KUTh Energy has received an extension for its Takara exploration license in Vanuatu.

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 months, revising the expiry date from April 1, 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  April 1, 2012) and Epule (GTPL 210003 expires April  1, 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.”