DAR ES SALAAM, Tanzania,
Dec. 9, 2014 /PRNewswire/
-- Continental Energy Corporation (OTCQB:CPPXF), the
"Company", an emerging international energy investment
company, today announced that its Tanzanian subsidiary, Ruaha River
Power Company Ltd. ("Ruaha Power"), has been appointed
manager of a US$ 95,000 grant from
the Rural Energy Agency ("REA") of Tanzania.
The grant is made under the Tanzania Energy Development Access
("TEDAP") program with funds provided by the World Bank and
the Global Environmental Fund. The proceeds of the grant are to be
used to conduct a site specific technical and environmental study
for a Ruaha Power proposed two megawatt hybrid renewable energy
generation and distribution network, or "Mini-Grid",
incorporating a mix of run-of-river hydropower, solar photovoltaic,
and biomass gasifier technologies. The study area is in the Iringa
and Dodoma regions of central Tanzania and is near the 300 kilowatt Malolo
Mini-Grid, an existing hybrid biomass-diesel-solar power project,
already under development by Ruaha Power.
The grant agreement was signed in Dar es Salaam by REA's
director of technical services, Mr. Bengiel H. Msofe and by Mr.
John Tate on behalf of Kastan Mining
Ltd., a founding shareholder of Ruaha Power. In addition to being a
director of the Company, and a director and CFO of Ruaha Power, Mr.
Tate is also the CEO of Kastan. Kastan has assigned responsibility
to Ruaha Power to manage the grant and the study. Ruaha Power shall
develop and operate the Mini-Grid that results from it.
Company director John Tate, said
after the signing; "We are proud to be associated with REA, the
World Bank, and the Global Environmental Fund in helping bring
reliable, renewable energy to customers in underserved rural
markets in Tanzania. We have
identified a promising hybrid Mini-Grid development opportunity in
the study area. It has a sizeable nearby market with an ever
increasing electricity demand. The TEDAP grant is the first step
towards Ruaha Power's goal of realizing a commercial Mini-Grid
development there."
The Company's CEO, Richard L.
McAdoo commented; "This grant represents an important
milestone as we transition the Company from being a traditional
energy explorer to being a renewable and alternative energy
developer. Our many years of experience in operating complex
projects in developing countries around the Indian Ocean Rim has
become an important advantage. We have a rapidly building set of
renewable energy development projects in the pipeline both in
East Africa and SE Asia and look forward to substantial
forward progress in 2015."
About Ruaha Power: Ruaha Power is an
international renewable energy developer committed to profitably
developing and operating customized hybrid renewable electrical
power generation and isolated mini-grid distribution networks that
supply underserved rural and small urban markets of Tanzania and other developing countries around
the Indian Ocean Rim. In addition to the 2 MW Mini-Grid
contemplated under the REA TEDAP grant, and its 300 kW Malolo
Mini-Grid development, Ruaha Power is conducting a feasibility
study on a 25 MW grid-connected, run-of-river hydropower project on
Tanzania's Lukosi River.
About the REA and the TEDAP Grant Program:
The REA is a government agency set up to promote and
facilitate improved access to electrical power in rural and small
urban areas of Tanzania. According
to the REA, rural and small urban energy consumption accounts for
85% of the nation's demand but less than 15% of rural and small
urban inhabitants have access to national grid electricity service.
The REA administers the TEDAP program which provides a range of
grants, incentives, and other financial support to renewable energy
developers addressing these underserved markets.
On behalf of the Company,
Robert V. Rudman, C.A.
Chief Financial Officer
www.continentalenergy.com
Forward Looking Statements - Any statements in
this news release that are not historical or factual at the date of
this release are forward looking statements. Forward looking
statements in this release include Ruaha Power's expectation to
profitably develop and operate its Mini-Grids, its installation
plans for its Mini-Grids, the number of customers it may be able to
connect, and, the Company's expectations for Ruaha Power's future
commercial performance. There are many factors which may cause
actual performance and results to be substantially different from
any express or implied plans, estimates, forecasts, expectations,
or objectives described in any forward looking statements.
Additional risk factors are described from time to time in the
Company's periodic filings with the US Securities Exchange
Commission. The Company assumes no obligation to update the
information in this release. No securities regulatory authority has
either approved or disapproved the contents of this news
release.
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SOURCE Continental Energy Corporation