This is some information for you to read on what potential Wasabi has, not only now but for the future...
Wasabi continued to focus on the development of its energy-related business during the year. Investments were made to diversify the business from geothermal and waste heat power generating technology to possible renewable bio-fuel production, the evaluation of coal deposits and entry to the uranium industry by securing highly prospective exploration permits in the Northern Territory.
Wasabi intends to progress and expand these assets in the year ahead.
Wasabi has good exposure to future projects and opportunities in a wide range of areas through its major shareholders Xtract Energy plc and Cambrian Mining plc which have a combined market capitalisation of $360 million.
Exergy Inc Wasabi continued to support the 46%-owned Exergy on the basis that it believes the technology provides sustainable efficiencies in what is considered to be a massive growth market. The focus on green power continues to gain momentum as the realisation dawns that the sustainability of life on our planet depends on it. Licencees include Siemens (Europe), AMP Resources (USA), Geodynamics Ltd (Australia), X Orka ( Iceland) and Ebara Corporation (Japan).
Of these licensees, both Ebara and X Orka have operating plants and have been providing power to industry and village residents respectively. All licensees are committed to the ongoing evolution and implementation of the Kalina Cycle and its ability to offer a viable technology alternative to competing technologies that specialise in the efficient production of energy from low temperature geothermal and waste heat projects.
Licensees have made representations to Exergy that they have begun construction on a range of projects. Both Exergy and Wasabi continue to monitor progress carefully and are confident of securing royalty streams in addition to royalties already being received by Exergy from Siemens in Europe.
Wasabi has recently been negotiating the sale of its interest in Exergy to a third party and hopes to complete the transaction by the end of the year. If the transaction is successful, Wasabi will be compensated with cash as well as shares in the purchaser. Thereby maintaining its exposure to this groundbreaking technology.
Lilyburt Coal Wasabi, as part of its joint venture Western Canadian Coal Corp., funded top study of the data generated The report has recommended carrying campaign to confirm the existence coal seams. Wasabi is currently assessing undertaking such a program
Bio diesel Investment Wasabi has entered into a joint venture with Cambrian Mining and Swann Capital Group whereby Wasabi has a 50% stake in a newly formed company, “Evolution Energy”. Cambrian and Swann each have a 25% stake in the company.
The purpose of the company is to evaluate several opportunities in the ethanol and bio diesel industry. The opportunities are at an early stage of evaluation.
In addition Evolution Energy has invested $325 000 in K E Engineering on a loan basis, with the objective of having direct access to the engineering know how of an operating Australian bio diesel plant.
The plant is currently being constructed at Laverton Victoria. Bio diesel is anticipated to be produced late in the 4th quarter of 2006.
Evolution Energy, for its investment in K E Engineering will be repaid via a royalty on the first 20 million litres of production.
Uranium Assets Wasabi is extremely excited to have successfully acquired two exploration leases, prospective for uranium, in the Northern Territory earlier this year. Wasabi has commenced flying aeromagnetic and radiometric surveys and is hopeful that anomalies identified in previous work, as well as other new targets, will be identified.
Wasabi has started the surveys on its Woolner Dome Uranium project and is scheduled to start work on the Alice Springs lease in December 2006.
Wasabi has also applied for an area south of Woolner Dome by the name of Mt Bundy. Several anomalies have been identified in previous work carried out here and Wasabi is excited about carrying out further work in this area..
WAS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
