WEC: Provides Operational Update

Report Date: 29 July 2011

Analyst Details
Company: Madison Williams and Company LLC
Analyst: Asit Sen and Lee McMillan

Summary

The central focus of the White Energy story remains the company's 1 million tonne per annum (Mtpa) clean-coal upgrading facility in Tabang, Indonesia. White Energy appears to have made meaningful progress in its attempt to modify the facility, and continues to expect modification works to be complete by the end of September, enabling full ramp-up by the end of 2011. The following are some of the notable developments at Tabang during the quarter.