POWER CHIPS"(TM) COULD INCREASE OUTPUT AND REDUCE COSTS FOR GEOTHERMAL POWER

GIBRALTAR--(BUSINESS WIRE)--Sep. 23, 2002- Geothermal power plants could become more productive and widespread by using Power Chips?, a new nano-scale technology for converting heat directly into electricity. Geothermal power is a clean, renewable process whose growth has so far been restricted by limited access and high initial start-up costs. According to Power Chips plc, a majority-owned subsidiary of Borealis Exploration Limited (BOREF) that could change by making lower temperature geothermal resources a viable target for exploration.

(Refers to: BOREF)

POWER CHIPS"(TM) COULD INCREASE OUTPUT AND REDUCE COSTS FOR GEOTHERMAL POWER

GIBRALTAR--(BUSINESS WIRE)--Sep. 23, 2002- Geothermal power plants could become more productive and widespread by using Power Chips?, a
new nano-scale technology for converting heat directly into electricity. Geothermal power is a clean, renewable process whose growth has so far been restricted by limited access and high initial
start-up costs. According to Power Chips plc, a majority-owned subsidiary of Borealis Exploration Limited (BOREF) that could change by making lower temperature geothermal resources a viable target for exploration.

About 2800 Megawatts of geothermal energy are currently produced in the United States, with several times as much capacity currently
untapped. Accessing this power, however, has relied on identifying certain areas where the shifting of tectonic plates beneath the earth's surface provides easy access to hydrothermal (heated water) resources. Once a suitable location has been identified, high-temperature water and steam can be captured directly or passed
through a heat exchanger to vaporize a secondary fluid that spins a turbine.

Power Chips have the potential to offer high efficiency power generation from available heat, and produce power at temperatures lower than typically required for successful plant operation. They are capable of enhancing output and reducing cost per kilowatt at existing plants, while allowing the construction of small, high efficiency facilities in areas considered inadequate for production using current power generation solutions. In a presentation today at
the Geothermal Resources Council 2002 Annual Meeting in Reno, Nevada, Sean Kilgrow of Power Chips plc will outline these benefits to
members of the geothermal industry.

"Borealis is actively seeking partners to bring this product to market" says Sean Kilgrow. "We look forward to working with members of the geothermal community to make this clean, renewable power source the preferred choice of power production in the geothermal
industry."

Power Chips are wafer-thin discs designed to produce electrical power more efficiently than other available technologies by taking
advantage of an effect known as thermotunneling, harnessing quantum mechanical electron tunneling phenomena. Thermotunneling occurs when
hot electrons (those with the most energy) travel between electrodes spaced less than 20 nanometers apart, creating a usable electric current. Power Chips are small, solid-state devices and are scalable as arrays that can be designed to match any available heat source.

The technology is protected by an extensive patent portfolio covering general theory and specific techniques for thermotunneling and thermal energy conversion. More details are available on the Power Chips plc web site at http://www.powerchips.gi including the full
text of issued patents.

Power Chips are being developed and licensed by Power Chips plc, a majority-owned subsidiary of Borealis Exploration Limited (BOREF).
Both companies are incorporated in Gibraltar. Borealis' business is reinventing the core technologies used by basic industries, including
electrical power generation, cooling and thermal management, electric motors, and steel production.

Forward Looking Statement at http://www.powerchips.gi/fwdlook.shtml

Contact:

Power Chips plc
Chris Bourne, +44 20 8571 5216
pr@powerchips.gi

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