The surface exploration program is being performed by a group ofsub-contractors, including Phoenix Geophysics of Canada and the Philippinegeothermal consultancy Fedco. Under the program more than 200electromagnetical measurements ("TEM" / "MT"), as well as a range ofgeochemical measurements, will be made on the working area with the purposeof estimating the location and extent of sub-surface steam. Explorationactivities and data processing are expected to be complete in March 2009.The exploration program is essentially an extension of a surfaceexploration and exploration-drilling program the Philippine geothermalpower company PNOC-EDC performed in 1982. If the exploration is successful,the substantial data available will form a solid basis for furtherdevelopment and construction of the power plant.

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 the renewable energy sector with a specific focus ongeothermal energy. Both companies are based in Iceland where an impressive100 percent of the power is derived from renewable sources (23 percentgeothermal and 77 percent hydro).

The Biliran Geothermal Development Project is located on the island ofBiliran in the Eastern Visayas region of the Philippines. With a goodconnection to the national power grid, Biliran lies just a few kilometersnorth of the island of Leyte. One of the smallest provinces in Philippines,Biliran is 555km2, with a population of 140,000. Its capital is Naval. Themountainous island is considered a compound volcano with a single historiceruption in 1939. It is estimated that Biliran has at least 100 MW ofgeothermal energy.

Envent's associate company Biliran Geothermal Incorporated will execute theupstream part of the project.

Comments:

Mr. Gudmundur F. Sigurjonsson, President and Chief Executive, Envent:

We are pleased with the good progress that the surface exploration programis making. Because of the drilling that PNOC-EDC did in 1982, the data thatwe will have available at the end of the current exploration program willbe much more substantial than is typical in projects of this sort. Thiswill reduce our development risk as well as make the project moreattractive to co-developers.

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 a specific focus ongeothermal energy. Both companies are based in Iceland, where an impressive100 percent of the power capacity is derived from renewable sources (23percent geothermal and 77 percent 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 aroundUS$ 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 hf (REI) (www.rei.is) is Reykjavik Energy's(Orkuveita Reykjavikur) (www.or.is) international business development andinvestment arm. REI is a global developer of geothermal power plants andgeothermal-based district heating systems. The company focuses on creatingpartnerships to develop geothermal areas.

About Biliran Geothermal Incorporated

Biliran Geothermal Incorporated was specifically established to undertakeupstream development activities on the island of Biliran in the EasternVisayas region of the Philippines. Upstream geothermal activities includethe exploration of geothermal areas, well field construction and theextraction of steam from the area. The company is owned by Filtech EnergyDrilling Corporation (Fedco) and Envent Holding Philippines.