Envent is currently working on several geothermal projects in thePhilippines and is committed to contributing to the Philippine government'starget of an additional 1,200 MW of renewable energy by 2013. Envent's keyshareholders are Reykjavik Energy Invest and Geysir Green Energy, bothglobal leaders in developing the renewable energy sector, with specificfocus on geothermal energy. Both companies are based in Iceland where animpressive 100% of the power capacity is derived from renewable sources(23% geothermal and 77% hydro).

The Biliran Geothermal Development Project is located on the island ofBiliran in the Eastern Visayas region of the Philippines. An islandprovince, Biliran lies just a few kilometers north of the island of Leyte.One of the smallest provinces in Philippines, Biliran is 555km2, with apopulation of 140,000 (2000 census). Its capital is Naval. The mountainousisland is considered a compound volcano with a single historic eruption in1939. It is estimated that Biliran has at least 100 MW of geothermalenergy.

The upstream part of the project will be executed by Envent's associatecompany Biliran Geothermal Incorporated.

Comments:

Mr. Thor Gislason, Chairman of the Board, Envent:

We are pleased to have been chosen by the Department of Energy to undertakethe project in Biliran. Envent's key shareholders have over the past decadeestablished themselves as global leaders in the startup of new geothermalpower plants. We are now committed to the Philippine market and thePhilippine government's goal of an additional 1,200 MW of renewable energycapacity by 2013.

About Envent Holding Incorporated

Envent (www.envent-power.com) is a renewable energy business dedicated tothe exploration of geothermal resources in the Philippines as well as tothe development of geothermal power plants in the region. Envent iscurrently working on several geothermal projects and is committed tocontributing to the Philippine government's target of adding 1,200 MW ofrenewable power capacity by 2013. Envent's key shareholders are ReykjavikEnergy Invest and Geysir Green Energy, both global leaders in thedevelopment of the renewable energy sector, with specific focus ongeothermal energy. Both companies are based in Iceland, where an impressive100% of the power capacity is derived from renewable sources (23%geothermal and 77% hydro).

About Geysir Green Energy

Geysir Green Energy (www.gge.is) is a leading developer in the geothermalindustry, investing in development projects as well as geothermaloperations. Since its foundation in January 2007 Geysir has invested aroundUSD 650 million in geothermal businesses and projects around the world.Building on the extensive experience from the Icelandic geothermal arena,Geysir has received significant attention within the industry and is beingrecognized as a serious and dynamic player in the field.

About Reykjavik Energy Invest

Reykjavik Energy Invest (REI) (www.rei.is) is Reykjavik Energy's (OrkuveitaReykjavikur) (www.or.is) international business development and investmentarm. Reykjavik Energy Invest focuses on creating partnerships to developgeothermal areas. The company invests in geothermal exploitation rights,develops, constructs and operates geothermal fields, and seeks to acquiregeothermal plants currently in operation. Reykjavik Energy is the world'sleading authority in geothermal energy utilization. Over the past 60 years,the company has consolidated its leadership by supplying a large portion ofthe Icelandic population with geothermal water for domestic heating and bygradually developing new steam fields for power production.

About Biliran Geothermal Incorporated

Biliran Geothermal Incorporated is a company specifically established toundertake upstream development activities on the island of Biliran in theEastern Visayas region of the Philippines. Upstream geothermal activitiesinclude the exploration of geothermal areas, well field construction andthe extraction of steam from the area. The company is owned by FiltechEnergy Drilling Corporation (Fedco) and Envent Holding Philippines.

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