BURGEONING RESOURCES SECTOR POWERS PACIFIC ENERGY TO ANOTHER RECORD RESULT

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1 350.4M 15.6M 17 August MW BURGEONING RESOURCES SECTOR POWERS PACIFIC ENERGY TO ANOTHER RECORD RESULT Highlights $18.0M EBITDA - up 44 per cent on prior twelve-month period $8.4M Adjusted NPAT 2 - up 78 per cent on prior twelve-month period 23MW of new power station capacity commissioned 49MW of new power station contracts secured since 1 July 2010 Simplified capital structure - $35M Exchangeable Bonds converted $3.8M placement to institutional investors completed On track to deliver 250MW by 2012 growth strategy Mt Hope property site sold for US$3.4M Power generation company, Pacific Energy Limited (Pacific Energy), today announced record earnings from its Kalgoorlie Power Systems (KPS) business during the twelve months to 30 June 2011 which delivered a 44 per cent increase in Pacific Energy s EBITDA to $18.0M. The company also announced an increase in Adjusted NPAT 2 to $8.4M, a 78 per cent increase on the result achieved during the prior twelve-month period. Managing Director Comment Pacific Energy s Managing Director, Mr Adam Boyd said: Pacific Energy s strong earnings growth was underpinned by the continued successful expansion of the KPS business. KPS continues to deliver industry benchmark cost effective power supply solutions to the nation s burgeoning mining and resources sector. During the period, KPS maintained its exceptional power station availability, reliability and fuel efficiency credentials and advanced a number of new opportunities both in Australia and abroad. The initial commercialisation of our waste heat recovery technology has been a particularly exciting development delivering an exclusive and significant competitive advantage to KPS over other competitors. KPS now has a total contracted capacity of 175MW+ across 17 contracted power 1

2 stations in WA, SA and NT. The Company has secured 49MW of new contracted power station capacity since the commencement of FY11 comprising: 20MW Degrussa power station for Sandfire Resources; 12MW Garden Well power station for Regis Resources; 9MW Lake Johnson power station expansion for Norilsk Nickel Australia; 3MW Cosmos power station expansion for Xstrata; 3MW Chalice power station for Alacer Gold Corporation; and 2MW Dead Bullock Soak power station expansion for Newmont Mining. Based on the agreed client electricity supply commencement dates, all of the above power stations will make a significant contribution to FY12 EBITDA growth, Mr Boyd said. KPS also signed a landmark contract to retrofit two power stations with a total capacity of 20MW with the KPS waste heat recovery technology. This waste heat recovery deal is also expected to enhance FY12 EBITDA growth. Two new power stations and two power station expansions were commissioned during the twelve months to 30 June The two new power stations the 8MW Moolart Well gold project power station for Regis and the 3.5MW Mt Weld rare earths power station for Lynas Corporation were commissioned in September 2010 and June 2011 respectively. The two power station expansions the 9MW Lake Johnson power station expansion for Norilsk Nickel and 3MW Cosmos power station for Xstrata were both commissioned in June This aggregated 23.5MW of capacity expansion is expected to make a full twelve month contribution in FY12. Growth Focus & Outlook During the period, the Company s business development activities continued to focus on securing arrangements to supply electricity to hard rock mining projects in Australia, and, increasingly, Africa. There continues to be a number of exciting project opportunities for KPS to provide its electricity supply solutions over the coming twelve months in both continents. Strong growth in Africa s resources sector will materially benefit from the delivery of reliable, cost effective power supply solutions. This presents an exciting opportunity for Pacific Energy one we have been assiduously advancing to identify those opportunities compatible with our risk management capabilities. In addition to our endeavours to improve the fuel efficiency of the KPS electricity supply solutions through waste heat recovery and other fuel efficiency initiatives we are also working with gas supply partners to facilitate a reduced cost of fuel and carbon emission solution for our clients and to improve the gross margin performance of the KPS business by exploiting our proprietary Dual Fuel conversion technology. During the period, Pacific Energy successfully divested its Mt Hope industrial property located in Rockaway Township, New Jersey, USA for US$3.4M. This improved Pacific Energy s net cash position by approximately US$3.0M, net of associated costs. Pacific Energy will cease activity on the company s plan to develop a 25MW baseload biomass fuelled renewable energy power station 30km north of Perth, WA. The project has been shelved due to an inability to negotiate a mutually acceptable price for the renewable energy to be generated by the project with the WA State Government owned electricity retailer, Synergy. We were also unable to secure a commitment from the WA Government to consider the direct payments and cost savings of the Project to the non-synergy WA State-owned corporations participating in the project nor the cost saving benefits of the supply of base load renewable energy to be generated relative to the capacity procurement 2

3 and intermittency related costs of wind generated renewable energy. Simplified capital structure The successful issue of 127.3M new Pacific Energy shares in exchange for the cancellation of the $35.0M Exchangeable Bonds issued at the time of the KPS acquisition has expanded the Company s equity capital base, and materially simplified the Company s capital structure. Investor support for the simplification of the Company s capital structure was confirmed by the completion of a $3.8M placement to institutional investors at the time of the cancellation of the Exchangeable Bonds. The Company also reached the KPS acquisition earn out arrangement sunset date in the period. The total deferred consideration payable to interests associated with the Company s largest shareholder and KPS founder, Mr Ken Hall comprises $5.0M and the issue of 20.0M Pacific Energy ordinary shares. To date, $3.8M cash and 15.2M Pacific Energy ordinary shares have been issued to interests associated with KPS founder, Mr Ken Hall. The remaining $1.2M cash will be paid and 4.8M Pacific Energy ordinary shares issued on or around September Financial Report Result Summary The table below provides a comparison of the key results for the twelve months to 30 June 2011 as reported, against the preceding twelve months to 30 June 2010: Comprehensive Income Statement % Change Appendix 4E 12 months to 30 June 2011 Comparison 12 months to 30 June 2010 Revenue from operations 29% 26,774 20,796 EBITDA pre asset sale gains/charges 1 32% 17,526 13,259 EBITDA 44% 18,039 12,521 Adjusted profit after tax attributable to members 2 78% 8,352 4,699 Reported profit/(loss) after tax attributable to members (3%) (2,117) (2,063) 1 Refer to Note 9 2 Adjusted profit after tax equates to the reported net profit/(loss) after tax pre losses from the write-off of all capitalised expenditure relating to the Perth Bio-energy Project, non-cash amortisation charges, non-cash revaluation adjustments, subscription fees paid on early issue of shares, one off asset sale charges/benefits and the related tax effects. End. Enquiries to Mr Adam Boyd Managing Director Telephone: (+61 8) Mobile: (+61)

4 About Pacific Energy Pacific Energy is an ASX listed (ASX: PEA) power generation project developer and owner. Headquartered in Perth, Western Australia, Pacific Energy is focused on the development, ownership and maintenance of mine site and renewable energy power stations. Kalgoorlie Power Systems, a wholly owned subsidiary of Pacific Energy Limited, is a leading provider of power generation infrastructure to the mining and resources sector in Australia. The business operates a build, own, maintain execution model with in excess of 175MW of contracted capacity at 17 mine sites across Australia. Pacific Energy Hydro, a wholly owned subsidiary of Pacific Energy Limited, owns and operates 6MW of hydro power generation capacity located approximately 70 kilometres east of Melbourne, Victoria. The Company s hydro assets commenced operation in 1992 and comprise two separate power stations located at the Cardinia Reservoir and Blue Rock Dam. 4

5 ANNEXURE - TWELVE MONTH RESULTS RECONCILIATION OF REPORTED NPAT TO ADJUSTED NPAT Description Appendix 4E 12 months to 30 June 2011 Profit/(Loss) after tax attributable to members Comparison 12 months to 30 June 2010 (2,117) (2,063) Comment Add back non-cash charges and oneoff items: Write-off of capitalised costs to develop the Perth Bioenergy Project after tax Amortisation of purchased contracts and associated rights Fair value adjustment of exchangeable bonds Subscription fee paid on cancellation of exchangeable bonds (Profit)/Loss on sale of investments and property, plant and equipment Tax benefit of non-cash and one-off items Adjusted Profit/(Loss) after tax attributable to members 2,751 - Write-off of capitalised direct costs relating to the cessation of development activity on the Perth Bioenergy Project after tax 4,843 5,498 Non cash amortisation of the notional value of electricity supply contracts acquired as part of the KPS acquisition (2009). These electricity supply contract notional values are amortised over their remaining contract term. 3,007 2,176 Non-cash net finance charge as a result of the mark to market revaluation of $35M Exchangeable Bonds up to the date of cancellation in December ,400 - Cash subscription fee paid to Bondholders for the early subscription for million new shares in exchange for the cancellation of the $35M Exchangeable Bonds. (513) 738 Non-recurring asset sales of property, plant and equipment and listed investments. (2,019) (1,650) Tax benefit of the non-cash and one-off items. 8,352 4,699 5

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