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CIC Energy Announces Commencement of Coal-To-Hydrocarbons Feasibility Study

Thursday, December 13th, 2007

CIC Energy Corp. is pleased to announce the commencement of both a feasibility study and a detailed market study on a coal-to-hydrocarbons project in Botswana (the “CTH Project”), at the Company’s Mmamabula Coalfield. This follows positive results from an internal scoping study, which indicated robust economics for the CTH Project, which is currently 100% owned by CIC Energy.
The CTH Project is one of the ways that CIC Energy is working to maximize the value of the coal resource at Mmamabula, beyond the Mmamabula Energy Project. The current Mmamabula coal resource estimate of approximately 2.3 billion tonnes, in the measured and indicated categories, exceeds projected coal consumption for both Phase One and Phase Two power plants. In addition, ongoing exploration is expected to lead to a further increase in the coal resource.
The Company has appointed Jacobs Engineering Group Inc. (“Jacobs”) to conduct a feasibility study to produce synthesis gas (“syngas”) from coal which can be converted to a variety of downstream products including chemicals, gas and fuels. Completion of this feasibility study is expected in the second quarter of 2008.
CIC Energy also announces the appointment of Wood Mackenzie to do an in-depth market study for the Company’s CTH Project, to assess the potential demand for the different downstream products that can be produced from syngas including chemicals, gas and fuels. The first phase of this market study is expected to be completed in the first quarter of 2008.
“The appointment of Jacobs and Wood Mackenzie to conduct feasibility and market studies is an important step toward maximizing the full value of the large coal resource at Mmamabula,” said Mr. Gregory Kinross, President of CIC Energy.
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