Carbon Energy Limited (ASX:CNX)
Brisbane, April 30, 2009 AEST (ABN Newswire) - Following the change of the Company's name to Carbon Energy Limited (ASX:CNX)(PINK:CNXAF)(previously Metex Resources Limited), the Board and Executive Management completed the Carbon Energy Strategic Plan to guide and assist the Company over the next three years. The Board has approved the Plan that defines the key strategies that will underpin Carbon Energy's ongoing development and success.
Carbon Energy Ltd (CNX) is an emerging energy Company whose purpose is to produce clean energy (power and synthetic natural gas) and chemical feedstock from Underground Coal Gasification (UCG) syngas. It aims to do this by pursuing the following key areas of focus:
1. Continuous improvement of UCG technology and the development of complementary technologies that will ensure CNX will develop a superior technical capability in the UCG syngas industry that will differentiate the Company from all other energy companies.
2. Identify and develop commercial opportunities using syngas derived from Carbon Energy's superior UCG technology. for the production of power, synthetic natural gas, chemicals and gas to liquids (GTL) either in the Company's own right or by way of strategic partnerships.
3. Expand its coal resource inventory by exploration within its current tenements or through identification of suitable joint venture opportunities leveraged off CNX's ability to successfully undertake UCG Syngas production in Australia and globally.
CORPORATE
ISSUED CAPITAL
- The total issued capital at the end of the Quarter was 497,296,637 fully paid ordinary shares quoted on the Australian Stock Exchange. 6,000,000 employee options were exercised during the period providing the Company with $900,000. A total of 69,451,000 unlisted options with exercise prices between 15c and $1.60 (with vesting dates ranging between 31 March 2009 and 10 December 2014, with the majority also subject to meeting of annual key performance indicators (KPIs) and performance hurdles being met) are on issue.
- A total of 7,407,408 shares remain to be issued to Dr Cliff Mallett and Mr Rusty Mark upon the successful completion of the Bloodwood Creek Trial and analysis of trial results. In addition, up to 15 million shares remain to be issued to Constellation Energy, subject to completion of documentation.
- The Company retains cash reserves of $5.0 million as at 31 March 2009.
LISTED INVESTMENTS
- Carbon Energy holds 10 million shares in ASX listed nickel-copper-platinum group metals (PGE) explorer Magma Metals Limited. Magma is actively exploring in Canada and Western Australia.
For the complete Carbon Energy Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60563-ASX-CNX-209933.pdf
About Carbon Energy Limited
Carbon Energy (ASX:CNX) (OTCMKTS:CNXAY) is building a gas business, utilising its unique keyseam technology.
The Company is committed to providing industrial gas users with an affordable and secure source of high quality feedstock, as gas prices remain strong, through increased demand across our key markets.
Carbon Energy is the only company to complete a full-lifecycle, commercial scalable underground gasification trial. The Company's keyseam technology has successfully accomplished all the recommendations outlined by the Queensland government's Independent Scientific Panel (ISP) which included intense, independent environmental scrutiny.
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