30 Mar 2004
Following an international search for a partner for the further development and roll-out of SWERF® conducted by KPMG Corporate Finance, ENE today reviewed the results of the search and potential options for SWERF®.
The Board advises that the partner search has been unsuccessful to date and it has formally resolved to cease the search process. The Board has also reaffirmed its July 2003 decision, not to commit further development funding to SWERF®.
ENE's Managing Director, Mr. Chris Laurie said, "While we are disappointed by the outcome of the partner search, we will retain the various technologies and know-how that comprise the SWERF process. These may have related application in our core energy business".
"As has been the case for the past eighteen months, our main focus remains on the prudent and profitable expansion of our core energy business with the next near term target being the execution of the commercial documentation for the 46MW West Kimberley Power Project in Western Australia," Mr. Laurie said.
As noted above, ENE ceased development funding of SWERF® in July 2003. All costs incurred since that date have been expensed, with the net cost after asset recoveries of $0.2million, incurred in first half to 31 December 2003.
ENE is currently reviewing its position in respect of the SWERF® plant at Whytes Gully, near Wollongong, in consultation with the relevant stakeholders.
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