Greenpower Energy Limited’s drilling program on its Victorian brown coal areas in the Latrobe Valley is now completed. 14 air core and rotary mud drill holes have been drilled in four Exploration Licenses:

EL4500, west of Moe where five rotary mud holes have been drilled. A maiden JORC standard Inferred Resource of 306Mt has been calculated. Two coreholes have been completed and coal has been submitted for analysis. The corehole results will be announced when the analyses are completed.

EL4860, north east of Morwell where four air core holes have been drilled. This licence is subject to a joint venture with Magma Oil Pty Ltd, a wholly owned subsidiary of Regal Resources Limited. This work is funded by Regal under the terms of the joint venture agreement.

EL 4877, south and south east Moe. Two air core holes have been drilled. This licence is subject to a sale agreement with Australian Energy Company Limited which funded the cost of drilling these holes. Greenpower has the right to earn back an interest in the northwest part of the permit.

EL 5227, west of Moe where three rotary mud holes have been drilled.

The following table sets out information about the holes already drilled. In most holes substantial thicknesses of brown coal were intersected. Greenpower’s interests in the permits are held via two wholly owned subsidiaries: Sawells Pty Ltd [EL4877 and EL4860] and Greenpower Natural Gas Pty Ltd [EL4500 and EL5227].

MAIDEN JORC RESOURCE, EL4500
Previously, coal resource modelling from drilling by former tenement holders determined a coal Resource of 101.93Mt located in the south east part of EL4500. This Resource has been the focus of further drilling by Greenpower. Independent resource consultants Resolve-Geo Pty Ltd has prepared an Inferred Resource estimate to JORC standards from the drilling data for Greenpower. This maiden JORC Resource amounts to a total of 306 million tonne of coal as tabled.