The company will now move on to carry out deep drilling and resources assessment, which will require the completion of agreements with key stakeholders including the landowners and state utility UNELCO.
KUTh will be required to finalize terms with landowners once the resource has been delineated and the exact location of production drilling and power plant construction are identified.
In the interim, the company will agree terms with landowners for exploration drilling with options for long term lease if successful.
It is also negotiating the final terms of the power purchase agreement with UNELCO. This is expected to be finalized during the current quarter.
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