Carbon Energy (ASX:CNX) Release the Quarterly Report for Period Ending 31 December 2009
Brisbane, Jan 25, 2010 AEST (ABN Newswire) - On 19th November 2009 the Parliamentary Secretary to the Minister for the Department of Employment, Economic Development and Innovation (DEEDI), Mr Choi, participated in an official launch of the 5MW plant at Bloodwood Creek. Local dignitaries, including the Mayor, Mr Ray Brown, and Ms Deidre Daylight, a representative of the local indigenous community, were also in attendance.
On 20th November 2009 the Annual General Meeting (AGM) was held in Brisbane.
On 4th December 2009 Carbon Energy entered into its first international project by executing a Joint Venture & Cooperation Agreement with Antofagasta Minerals for a project in Chile. Antofagasta is one of the world's largest mining companies and a top 100 company on London's FTSE exchange.
On 8th December 2009 Carbon Energy announced its maiden reserves certification under the Society for Petroleum Engineers (SPE) Guidelines, including a 2P reserve of 744 PJ. This is another world first and enables commercial partners and investors to better understand the useful energy content of UCG resources.
Carbon Energy completed its divestment programs for non-core assets realising value of approximately A$16 million (in cash and shares)through the following:
- Sales of Gold interests to Crescent Gold for A$2.5 million (plus $1.5m deferred)
- Sale of 10 million shares in Magma Metals for A$6.5 million (gross)
- Successful IPO of Uranium interest via Energia (
ASX:EMX), Carbon Energy retains 41.7% holding in EMX, market value approximately A$5 million (escrowed 24 months)
The funds raised will be utilised to assist in funding to fast track the Company's core business of Underground Coal Gasification.
Retains cash reserves of over A$27 million as at 31 December 2009.
The full quarterly report can be found at this link:
http://www.abnnewswire.net/media/en/docs/62143-ASX-CNX-217667.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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