If I may answer,the following update announcement today states...

If I may answer,the following update announcement today states it all

It is seriously undervalued by its asests

22 November 2007
The Manager
ASX Limited (“ASX”)
Company Announcements Office

INVESTMENT UPDATE

Wasabi Energy is pleased to announce that its strategy of incubating wholesale and pre-IPO positions is on track with the listing yesterday of Rum Jungle Uranium Limited
(ASX: RUM). Wasabi Energy’s listed security portfolio is currently valued at

approximately $23.7 million.
Wasabi Energy’s current market capitalisation is around $26.9 million.

Rum Jungle Uranium, which raised $12 million for its IPO, listed successfully on the ASX and closed its first day at 25 cents. Wasabi has a holding of 44 million shares and
10 unlisted options in the Northern Territory focus uranium explorer.

Wasabi Energy’s current investments in listed securities are:

Company Current No.& Price Value

Aviva Corporation Ltd 14.1 million @ $0.90 $12,69 million

Rum Jungle Uranium Ltd 44 million @ $0.25 $11 million

In addition to these listed entities, Wasabi Energy has investments in a number of companies that it anticipates will list within the next 3-9 months with considerable upside potential.

Company Current Ownership

Global Geothermal Ltd 70%

Aqua Guardian Group Ltd 20% - (seed investment @ 10 cents)

Green Earth Ltd 12.5% (seed investment @ 6 cents)

Wasabi Energy also has a 50% interest in a joint venture with Danielli Corus in the development of a unique char/ coke making technology which has the potential to create
an environmentally benign clean coal product. The joint venture is also investigating the potential of the technology to be used for the extraction of oil from shales.

Tim Wise
Managing Director