ASX RELEASE. Saipan Northern Marianas KUTh wins geothermal tender and exclusive development concession. 30 January 2012.
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1 ASX RELEASE Saipan Northern Marianas KUTh wins geothermal tender and exclusive development concession 30 January 2012 Headline Summary The company is pleased to announce that the Commonwealth Utilities Corporation (CUC) of Saipan has issued KUTh a Notice of Intent to Award a contract as follows: An exclusive concession issued to KUTh to develop geothermal power and sell electricity to the transmission grid with agreed milestones and timelines to be incorporated in the contract. A grant to KUTh from the Commonwealth of the Northern Marianas (CNMI) government for the amount of USD 1,100,000 to support the drilling of a 600 metre deep geothermal gradient well (Stage One Geothermal Gradient Project). Additional grant funding available from CNMI for the amount of USD 500,000 to support follow-on assessment work (Stage Two Additional Assessment Work) if warranted and approved by CUC following the determination of the Stage One Geothermal Gradient Project. Previous studies undertaken by Southern Methodist University (USA) and National Renewable Energy Laboratory (USA) identify potential geothermal targets and rate geothermal as high impact on CNMI future power mix if resource can be identified. Current base load diesel generation 30 MW and Peak load 45 MW. Compelling economics to replace diesel with geothermal base load power. The success of the Saipan tender builds on the company strategy to become a significant player in the development of geothermal energy to displace high cost diesel generation in remote grid locations. KUTh Energy Limited ABN Level 57, MLC Centre, Martin Place Sydney NSW 2000 P F E info@kuthenergy.com W Power Down Under
2 2 CUC review committee tender review CUC Manny Sablan congratulates David McDonald Saipan Commonwealth of the Northern Marianas Situated north of Guam in the Pacific Ocean, the Commonwealth of the Northern Mariana Islands (CNMI) comprises 14 islands. Saipan (the capital), Rota, and Tinian are the main islands. CNMI is a self-governing US territory and the US President is its Head of State. The government of Saipan has secured funding from the US government to support the geothermal exploration Stage One works being undertaken by KUTh. Commonwealth of Northern Marianas Background The Company has reported throughout the year that it has been investigating geothermal business opportunities that combine evidence of geothermal prospects with compelling market economics. Saipan was identified in 2011 as meeting the criteria set by the company and an initial dialogue was opened with the CNMI government. On 15 July, 2011 the CNMI government announced that it had been successful in obtaining a grant from the USA for the exploration for geothermal energy on the island of Saipan.
3 3 On 2 September, 2011 the CNMI government designated the government power utility (Commonwealth Utility Commission (CUC)) as the organising body to issue a Request for Proposal (RFP) for a Stage One Geothermal Gradient Project to determine the possibilities for geothermal development on Saipan. This RFP contained grant funding of $1,100,000 to support the Stage One works and included exclusive concession rights to the successful tenderer to develop geothermal energy on Saipan. Following a visit by KUTh personnel in 2011 to undertake reconnaissance on the geothermal opportunity, KUTh submitted a detailed proposal for the RFP in November 2011 and were subsequently shortlisted. KUTh management visited Saipan in January 2012 for final presentations and review by the CUC evaluation committee. KUTh has subsequently been advised in writing that it is the successful tenderer and that the CUC will proceed to contract preparation. Geological Setting Saipan is an integral part of, and is strongly influenced by, the modern Marianas volcanic island arc system in the western Pacific Ocean region. The island is 20.9 km long, up to 6.4 km wide and about 115 km 2 in area. Its highest point, Mt Tapochau, is 475m above seal-level. Its basement rocks are Early Tertiary (up to ~41 Ma) rhyolitic and andesitic volcanics with overlying tuffaceous sandstones, conglomerates and limestones. A prominent limestone sequence of Middle Tertiary (Miocene) age up to ~300 m thick forms most of the central and highest parts of the island. This sequence, the Tapochau Limestone, is the major aquifer for potable water supplies on Saipan. Late Tertiary to Quaternary sandstones and limestones occur around the coast. There has been no modern volcanic activity on Saipan. Prominent scarps and cliffs accompanied by thick Simplified geological map of Saipan showing breccias in the Miocene limestone sequence indicate thermally anomalous water wells. the island is cut by large, steeply-dipping, generally northeast-striking faults. The shape of the fault system suggests that central Saipan may lie in an extensional jog within a larger northeast-southwest strike-slip system, or extension may be related to opening of the Mariana Trough to the west. Extensional fault zones represent ideal host areas for geothermal resources as they allow both rainwater and seawater to percolate into very deep levels, become heated by contact with hot host rocks and then rise buoyantly back towards the surface. Historically active volcanic centres in the southern Mariana arc near Saipan.
4 4 Saipan is also only 30 km east of the axis of the Mariana volcanic arc, particularly the historically active submarine volcanic centres of East Diamante, Ruby and Esmeralda Banks. This major zone of active volcanism and seismicity is 1,400 km long and results from the westwards subduction of the Pacific plate over the last million years. It could provide a significant contribution to crustal heat flow below Saipan. The geothermal energy potential of Saipan has been critically assessed by internationally renowned researchers from the Geothermal Laboratory of Southern Methodist University (SMU) (in Texas). On Saipan the main evidence for current geothermal activity is elevated temperatures in two water wells in the western-central part of the island, close to postulated major faults. A temperature profile measured in one well (GR-6) by an SMU team in March 2008 showed a rapid increase in temperature and a significantly elevated geothermal gradient between 60m and 125 m deep (bottom depth). The other well, GR-3, was plugged soon after drilling but anecdotal reports suggest water from the well was too hot to touch and the drilling report indicates the down-hole pump failed due to overheating during pump testing of the well. Low-temperature water-well pumps are typically limited to operation at temperatures of less than 55 C, suggesting that down-hole temperatures of at least in this range were encountered. Development Strategy KUTh will initially confirm the geothermal gradient and heat flow below Saipan by drilling one or two diamond-core holes to about 600m deep. This depth should significantly penetrate the Early Miocene basement below the surface limestone and freshwater aquifers. Positive results will be required from the first drill-hole before the second hole is drilled. The first well (Stage One Gradient Project) will receive substantial grant funding from the US government. Subject to the first well providing positive gradient results then KUTh will submit Stage Two (additional assessment works) to the CUC review committee for additional funding support. If both drill-holes yield encouraging results, KUTh will proceed to a wider geological and feasibility study, probably including a magnetotelluric survey, aimed at identifying an Inferred Geothermal Resource estimate under the Australian Code for Reporting Geothermal Resources and Reserves. As part of the concession contract KUTh will submit its program for exploration and development steps post the Stage One and Stage Two programs. Market Setting The CUC is the CNMI s publicly owned utility and controls the power generation and distribution on the island of Saipan and nearby Tinian and Rota islands. The electricity is currently produced by
5 5 diesel generators and across all three islands the CNMI government is using approximately 85 million litres of imported diesel fuel at a cost of more than US 60 million per annum. Saipan has a year round constant demand for power of approximately 30 Megawatts (MW) at the lowest daily demand point to a peak of 45MW. For comparative purposes this translates to a revenue generation greater than US 100 million per annum at the mean of the tariff setting. Electricity pricing is regularly adjusted for the variable cost of diesel imports. The pricing to customers of CUC fits within a range starting around US 26 cents/kilowatt hour (KWh) to a top tier rate of approximately US 37 cents /KWh and for non-conforming loads almost US 50 cents KWh. Diesel costs alone make up almost US 20 cents per KWh and fluctuate with diesel price movements. Stable pricing through the development of indigenous geothermal resources will bring considerable advantage to local industry and is a key focus of the Saipan government. A study titled Commonwealth of the Northern Mariana Islands Initial Technical Support dated July 2011 is an initial energy assessment for the CNMI. This study produced by the National Renewable Energy Laboratory (NREL) also reviewed multiple renewable energy options for the island of Saipan and identified geothermal energy as having the highest impact potential if a commercial resource can be found. Strategic Positioning The company continues to build skills and knowledge in the development of volcanic hosted geothermal systems and additionally the implementation issues associated with diesel power replacement and remote island grids. In December 2011 the company announced to the stock exchange that it had engaged drilling and development support personnel to strengthen the team. These additions are important to allow the company to deliver on projects in the pipeline; Saipan and Vanuatu being good examples. Saipan was targeted by the company in early 2011 as meeting the criteria set for justifying further investigation. It provides the opportunity for the company to expand its role in the Pacific region and better distribute skills across projects with similar implementation issues. By linking the Saipan development program with KUTh s emerging Vanuatu project, the company is better placed to optimise rig utilisation in the region and leverage its technical team capabilities. Saipan being a US territory also opens up other US stakeholder relationships for the company. Implementation of the project will involve working closely with both SMU and NREL who will provide technical support to CUC during the Stage One Gradient Project. The work by both of these organisations in technology development for the geothermal sector will be further explored by the company. David McDonald in discussion with Dr Jim Quick (SMU) & Charles Visser (NREL) January 2012.
6 6 Summary There is no doubt that the award of the Saipan project to the company is recognition by the CUC review committee and its technical advisors that KUTh had a thorough and technically credible approach to the development of the potential Saipan geothermal resource. Commenting on the successful tender, managing director David McDonald said, I am very proud of the team effort to secure this tender in Saipan. We have stayed consistent to our plan of seeking projects where a potential geothermal target exists and the market dynamics offer a compelling reason to investigate. This project was identified by KUTh before any grants were announced and initial reconnaissance has paid off. This allowed us to get a head start on the RFP process and to show a commitment that earned the respect of people in Saipan. David further commented that the geotechnical programs and extensive geothermal gradient drilling that we have undertaken in Tasmania has demonstrated our ability to take a green field geothermal play and implement structured exploration programs to pinpoint a geothermal drilling target. There is also no question that our exposure to the Vanuatu project has extended our role into volcanic hosted geothermal plays and broadened our contacts through the geothermal development chain. It has also highlighted our ability to work through the issues related to remote grid power development. All these issues will be important as we progress through the various steps of the Saipan project. The inclusion of the exclusive concession to the company for the development of geothermal on Saipan will allow the company to conduct a structured exploration program with clear security of tenure. We are looking forward to working with the CUC team and its technical advisors as we implement the first stage funded geothermal gradient project. Ends For more information contact: David McDonald Managing Director
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