PHI Group to Acquire Twenty Million Metric Tonnes of Coal Resources in Jambi Province, Indonesia
LOS ANGELES and JAKARTA, Indonesia, Jan. 11, 2012 /PRNewswire/ — PHI Group, Inc. (OTCQB: PHIE.PK), (Pinksheets: PHIE.PK), a company focused on energy and natural resources, announced today that it has signed a Letter of Intent to acquire approximately 20.7 million metric tonnes of coal resources, together with the operation and production license (IUP Operasi Produksi), located in an area of 2,000 hectares in Kabupaten Sarolangun, Jambi Province, Indonesia from PT. CSP, an Indonesian corporation with headquarters in Jakarta.
According to the signed Letter of Intent, PT. CSP and PHI Group will enter a definitive agreement to fix the price, terms and conditions of the transaction within the month of February 2012 or soon thereafter.
Analysis of the PT. CSP coal samples conducted by PT. Geoservices Ltd., Bandung Coal Laboratory, Indonesia, show air-dried-basis gross calorific value in the range of 5,087 – 5,884 Kcal/kg.
This transaction is part of PHI Group’s ongoing program to acquire and accumulate energy and natural resource assets in Southeast Asia, partner with coal-fired power plants and introduce advanced clean coal combustion technology to existing and new plants in Asia.
The company is currently going through a restructuring process to focus on energy and natural resource and is working with a number of international institutional investors who have indicated an interest in financing the company’s growth plan.
To date, PHI Group has signed agreements to partner with Sao Nam Group to build a 2,400 to 3,600 MW coal-fired power plant in Hai Khe Commune, Hai Lang District, Southeast Quang Tri Economic Zone, Vietnam and with Hoang Ngoc Joint Stock Company to build a 2,000 MW coal-fired power plant in Vinh Hau Village, An Phu District, An Giang Province, Vietnam. In addition, the company has signed an agreement with a U.S. company to provide a coal-combustion-to-steam-energy system that requires 50% less coal to produce the same energy as presently combusted in traditional coal-fired power plants.
This system has no NOx or Sox. Moreover, while 99.9% of the mercury is trapped for commercialization, H2O is recycled, and 99.9999% of CO2 is captured for sequestration or commercialization. The system can be installed at approximately 70% of the cost of today’s coal combustion plants based on a comparative system with existing steam turbines and does not require the installation of large, expensive, and comparatively ineffective gas emission scrubbers as presently required on coal-fired power plants. The energy efficiency of this innovative coal-combustion-to-steam-energy system is clearly the best (100%), compared to that of existing systems such as traditional Pulverized Coal Combustion (38%), Fluidized Bed Combustion (40%), and Integrated Gasification Combined Cycle (51%). The ease and relatively inexpensive installation of this system, with virtually no pollutants released, will make coal the least expensive source of clean energy in the world.
About PT. CSP
PT. CSP is an Indonesian company headquartered in Jakarta and has been granted the operation and production license (IUP Operasi Produksi) to operate and produce thermal coal from a concession of 2,000 hectares located in Kabupaten Sarolangun, Jambi Province, Indonesia. This concession contains approximately 20.7 million metric tonnes of coal resources (3,878,000 measured, 7,885,000 indicated and 8,980,000 inferred) with gross calorific value ranging from 5,087 – 5,884 Kcal/Kg.
About PHI Group
PHI Group (OTCQB: PHIE.PK) (Pinksheets: PHIE.PK) focuses on energy and natural resources in Southeast Asia and engages in real estate development and M&A advisory and consulting services.
The company has signed an agreement with a U.S. company to provide a coal-combustion-to-steam-energy system that requires 50% less coal to produce the same energy as presently combusted in traditional coal-fired power plants and has partnered with Sao Nam Group and Hoang Ngoc Joint Stock Company to build thermal power plants in Vietnam.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.
SOURCE PHI Group, Inc.