ENE 61.3% 6.2¢ enevis limited

Turning point ??

  1. 635 Posts.
    Further to the positive "Energy Developments to build SWERF char gasifier" announcement last week, ENE is now announcing revised agreement with the City of Wollongong in order to move to the next phase in the process of taking the SWERF technology commercial.
    Also some new positive broker ratings on ENE.
    Is this the turning point ???

    =========================================
    SWERF: Amendment to Agreement with City of Wollongong

    ENERGY DEVELOPMENTS LIMITED 2002-06-13 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    Energy Developments Limited subsidiary, Brightstar Environmental, has
    reached in-principle agreement with the Wollongong City Council to
    amend the Whytes Gully SWERF(R) plant Waste Processing Agreement.

    The amendments will allow for commercial operation of the existing
    Whytes Gully plant once an upgraded EPA licence is issued. The
    original Waste Processing Agreement, signed in 1999, anticipated an
    expansion for the current plant as a precursor to commercial
    operation. Under the amended agreement, this requirement will no
    longer apply, thereby allowing the existing SWERF(R) plant to operate
    on a commercial basis with minimal upgrade or expansion other than
    that currently contemplated for the new char gasifier and a number of
    ancillary processes.

    This arrangement will provide the Company with the ability to
    generate initial cash flows from the Whytes Gully project and, more
    importantly, with the opportunity to achieve commercial operation
    much earlier than allowed for under the original Waste Processing
    Agreement.

    The term of the initial EPA licence for 30,000 tonnes per annum (tpa)
    was recently extended and will remain in place while the Company
    prepares for additional emissions testing later this year. The data
    gathered during these tests will complete the information required
    for the Company to submit an application for expansion of the licence
    capacity to 150,000 tpa. This is seen as the ultimate capacity
    required to service the region.

    For further information please contact:

    For analyst queries - Greg Pritchard (Finance Director)
    (07) 3275 5650

    For media enquiries - Genevieve Gorman (Media Advisor)
    (07) 3275 5638


    MEDIA RELEASE

    Energy Developments Limited subsidiary, Brightstar Environmental,
    announced today that the Company had reached in-principle agreement
    with the Wollongong City Council to amend the Whytes Gully SWERF(R)
    plant Waste Processing Agreement.

    Mr Paul Whiteman, Managing Director of Energy Developments, said the
    amendments would allow for commercial operation of the existing
    Whytes Gully plant once an upgraded EPA licence was issued.

    "The original Waste Processing Agreement, signed in 1999, anticipated
    an expansion for the current plant as a precursor to commercial
    operation," Mr Whiteman said.

    "Under the amended agreement, this requirement will no longer apply,
    thereby allowing the existing SWERF(R) plant to operate on a
    commercial basis with minimal upgrade or expansion (other than that
    currently contemplated for the new char gasifier and a number of
    ancillary processes)."

    "This arrangement will provide the Company with the ability to
    generate initial cash flows from the Whytes Gully project," he said.
    "More importantly, this provides the Company with the opportunity to
    achieve commercial operation much earlier than allowed for under the
    original Waste Processing Agreement."

    "The term of the initial EPA licence for 30,000 tonnes per annum
    (tpa) was recently extended and will remain in place while we prepare
    for additional emissions testing later this year," Mr Whiteman said.

    "The data gathered during these tests will complete the information
    required for the Company to submit an application for expansion of
    the licence capacity to 150,000 tpa. This is seen as the ultimate
    capacity required to service the region."

    For further information please contact:

    For media enquiries - Genevieve Gorman (Media Advisor)
    (07) 3275 5638 or 0416 338 648


 
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