Brisbane, July 8, 2009 (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
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's purpose is to produce clean energy and chemicals feedstock from Underground Coal Gasification (UCG) syngas.
The Company's unique approach to UCG and syngas production increases the efficiency of capturing carbon dioxide making it a leader in clean coal technology.
Carbon Energy's technological advantage comes from its association with Australia's premier research agency, CSIRO, including world-class geotechnical, hydrological and gasification modelling capabilities.
Carbon Energy is building an international portfolio of coal assets suitable for UCG and accessible to high-value markets.
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