egm 16 oct 07

There actually was a presentation and I thought it would have followed the results of the EGM as a formal ASX ann. As usual I wrote notes but I emphasised those points (asides, etc) not actually on the slides. Hence this is a preamble while we wait a little.

I was very fortunate in getting considerable solo time with Bertus de G. Twenty mins before the meeting the door was still locked and while I was cogitating B deG appeared, and we sat in another room to chat. At the commencement of the meeting proper there was only one shareholder besides the formal party and office staff, plus one lady who appeared to be doing research on the effects of Australian companies on foreign local communities. Later two other shareholders appeared. It meant the presentation was very directed to limited eyeballs, and innumerable questions could be asked. This continued over coffee afterwards, and again when everybody else had left.

One of the key observations I continuously note is how much information one can easily obtain from people at meetings of small companies. With the right approach one can get close and hear almost everything (including what perhaps other board members are not supposed to know). B de G is particularly sensible, discreet, and yet free.

The formal business of the meeting was passed and dispensed with in quick time, and not with a show of hands as formally reported, as I was still writing finishing touches to my questions.

At the outset, without apologies the emphasis was all on geothermal and nil comments on uranium. More diplomatically stated this was the condition on which B de G took on the position. I asked if there were any cross benefits for U and geotherm in the company. No. Afterwards I was told, we will have to sort those things out quickly. There may be some elements of disquiet about this. More discreetly, there will be a name change. [Should we make an unsolicited suggestion list?]

The presentation very broadly looked at B de G's geothermal prospects by geographic areas as per ASX ann of 5 Sept, but considerably enhanced. Funding questions came up constantly, with the World Bank and the Asia Development Bank appearing as real sources, not just vague dreams. When Bertus was in Bishkek (cap of Kyrgyzstan) he booked a half hour appointment with the World Bank people. They were so enthused to hear all the geothermal possibilities that they kept him there all afternoon. If one looks at the needs of less developed countries adequate electrical energy is one of the first requirements. The World Bank's functions are not limited to such cultures of course. Bertus quoted an excellent example from Green Rock's experience: They struck a deal with World Bank that if their deep well in Hungary achieves 85% of the projected flow then they get their money back.

To be continued. (I have to go elsewhere. Still hoping for the presentation to be posted.)

Juke