Carbon Energy Limited (ASX:CNX)
Brisbane, July 8, 2009 AEST (ABN Newswire) - Carbon Energy Limited (ASX:CNX)(PINK:CNXAF) successfully completed a share placement of approximately 74.4 million ordinary shares at A$0.43 to raise A$32 million. Strong interest from both domestic and overseas institutional and sophisticated investors has resulted in the issue being oversubscribed.
Energy - Underground Coal Gasification (UCG)
Carbon Energy is currently finalizing agreements and preparing to commence construction of a 5MW power station to utilise Syngas on the Bloodwood Creek UCG trial site.
A third party scientific review of Carbon Energy's groundwater monitoring program during the trial has confirmed the safe environmental operation of Carbon Energy's UCG process within the surrounding groundwater environment of Bloodwood Creek.
The drilling program associated with defining the coal source and due diligence review which are subject to a Heads of Agreement with Eneabba Gas Limited to acquire a coal resource in WA (minimum 300 MT) and supply Syngas to Eneabba's planned Centauri 1 Power Station is continuing.
Minerals (Carbon Energy 100%)
Discussions have been held with a number of groups concerning potential divestment options with respect to CEL's uranium and gold interests.
For the complete Carbon Energy's Quarterly Financial Report, please click the link below:
http://www.abnnewswire.net/media/en/docs/61011-ASX-CNX-211832.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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