The SPP funds are for beginning stage two of the Cooper Basin geothermal project.

A further 3.2 million shares will be issued on 15 June 2005 assuming that shareholders approve the $5 million share placement (previously announced on 10 May 2005) at the Extraordinary General Meeting to be held on 14 June 2005.

“The company will therefore have raised gross funds of $19.2 million

from both the SPP and share placement,” said company cecretary Paul Frederiks.

“Following completion of both the SPP and the share placement, the company’s share capital will have expanded from 85.0 million shares to 97.4 million shares. The company wishes to advise that due to the large volume of SPP applications received on or around the closing date, that it will now be allotting shares arising from the SPP on Tuesday 14 June 2005.”