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Publication Title | INFERRED GEOTHERMAL RESOURCE OFFERS GEELONG AREA A SUBSTANTIAL GREEN ENERGY ALTERNATIVE

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ASX ANNOUNCEMENT AND MEDIA RELEASE, 4 December 2008

INFERRED GEOTHERMAL RESOURCE OFFERS GEELONG AREA A SUBSTANTIAL “GREEN ENERGY ALTERNATIVE”

• Inferred Geothermal Resource of 260,000PJ

• First Published Geothermal Resource Prospect in Victoria

• Potential to produce 150 times Victoria’s energy requirements

• Dual Geothermal System Opportunity

• Potential for Geelong Area to be developed into a Significant Renewable Energy “Hub”

• Adjacent to new Urban Growth Area - Armstrong Creek

Greenearth Energy Limited (“GER”) is pleased to announce the results of its Inferred Resource work, completed for the Anglesea area contained within its Geothermal Exploration Permit GEP10, which encompasses the Geelong Region. The results of the work completed for Greenearth Energy by consultants Hot Dry Rocks Pty Ltd have produced an estimation of a significant inferred resource of approximately 260,000 petajoules (PJ) encompassing a dual Hot Sedimentary Aquifer (HSA) and Engineered Geothermal System (EGS) geothermal prospect.

The Inferred Resource estimate of “stored heat energy” covers an area of 462 squared kilometres (km2) and is contained in 656 cubic kilometres (km3) volume of rock. This resource estimation is the first geothermal resource published for a Victorian geothermal prospect and has the potential to host a significant producing geothermal field. The Inferred Resource Estimate complies with the Australian Code for Reporting Exploration Results, Geothermal Resources and Geothermal Reserves (2008 Edition). The Statement of Estimated Geothermal Resources for the Anglesea Geothermal Play, GEP10 is attached.

Greenearth Energy’s Managing Director, Mark Miller said today: “This is a major step forward in our quest for renewable, sustainable, base load, emissions free energy. Given its location close to two major Victorian cities, Geelong and Melbourne, intersecting with existing infrastructure the possibilities it presents for both the State and the company are very exciting. We have here the potential to deliver hundreds of megawatts (MW’s) of clean, safe, renewable energy at the doorstep of our two great Victorian cities.

“On receipt of this work, we were delighted at the potential and proximity to markets of this significant renewable energy resource and will endeavour to proceed to bring this play to fruition by way of partnering with community, industry and government. It is our mission to work together with all stakeholders to establish Geelong as Victoria’s first renewable energy hub. Given that published data from the Bureau of Statistic quotes Australia’s total domestic energy use as 5,641 petajoules (PJ) in 2005-2006, of which Victoria’s energy use represented 26% (1,466 PJ), our inferred resources of 260,000 PJ represents a significant long-term renewable energy proposition that demands development.”

“Progression to the next stage will be to include the resource estimation as part of our Geothermal Drilling Program (GDP) application. We are aware that this opportunity fulfils the requirements specified by the Victorian Government’s future funding for Sustainable Energy Large Scale Demonstration Projects and will be pursuing this funding stream as well.”

Mark Miller

Managing Director

Greenearth Energy Limited

For more Information, please contact Mark Miller (03) 9620 7299

Greenearth Energy Ltd.

Level 14,

500 Collins Street

Melbourne Vic 3000

(03) 9620 7299 www.greenearthenergy.com.au

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