Ye cannit break the laws of physics

So whats going on in the scientific community over in Ireland?

The news today is lightly abuzz with reports that an Irish Company, Steorn, is claiming to have found a way to create free, clean and constant energy with no impact on the environment around it – there by breaking the law of physics that states that energy can neither be created nor destroyed, it can only change form.

Here is a quote from the Steorn website. 

In 2003 Steorn undertook a project to develop more efficient micro generators. Early into this project the company developed certain generator configurations that appeared to be over 100% efficient. Further investigation and development has led to the company's current technology, a technology that produces free energy. 

 Interestingly they have issued a challenge in Economist for scientists to come forward and test their discovery in three specific ways:

1. Confirm that the Steorn technology has a coefficient of performance greater than 100%
2. Confirm that the operation of the Steorn technology does not affect the component parts of the technology
3. Carry out a full thermodynamic analysis of the technology

 On top of the challenge Steorn has offered to cover all direct costs relating to the validation process.

This discovery would completely change the dynamics of the planet and I suspect end the majority of conflict in the Middle East because a/ the region would suddenly become incredibly cash poor and b/ no one would care to get involved so they would be left to sort out their mess largely on their own. 

Very interesting if its true, but at this point I am skeptical. And the thing that has my skepticism most active is that I cant believe that the oil companies wouldn't have found out about this before now and crushed it.