ENERGY TECHNOLOGIES LIMITED — Capital/Financing Update 2004

Dec 13, 2004

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 177/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003.

Name of entity

Dulhunty Power Limited

ABN

002 679 469

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

$\mathbf{1}$ ⁺Class of ⁺securities issued or to be issued

Options

1.958.626

• $\overline{2}$ Number of ⁺securities issued or to be issued (if known) or maximum number which may be issued
• Principal terms of the ⁺securities 3 (eg, if options, exercise price and date; if partly paid expiry *securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Exercise price 4.18 cents per share. Options will expire not later than 3 years after the date $\sigma$ commencement -8 December 2004.

⁺ See chapter 19 for defined terms.

4	Do the securities rank equally in all respects from the date of allotment with an existing "class of quoted securities? If the additional securities do not rank equally, please state: the date from which they do extent to which they the ۰ participate for the next dividend, (in the case of a trust. distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment	Shares allotted as a result of exercise of options will rank equally
5	Issue price or consideration	Nil
6.	Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets)	Options issued under the Dulhunty Power Employee Option Plan as approved by shareholders at Annual General Meeting
7	Dates of entering + securities into uncertificated holdings or despatch of certificates	8 December 2004
		Number + Class
8	Number and class of all securities quoted $\,$ on $\,$ ASX. (including the securities in clause 2 if applicable)	58,302,371 Ordinary fully paid shares

⁺ See chapter 19 for defined terms.

	2 if applicable)		all $\vert$ Number and + class of *securities not quoted on ASX (including the securities in clause

Number	+ Class
1,958,626	Options over ordinary shares

Dividend policy (in the case of a $\begin{bmatrix} \text{trust, distribution policy} \ \text{increased capital (interests)} \end{bmatrix}$ $10₁$

Options do not participate until exercised.

⁺ See chapter 19 for defined terms.