Bandanna Energy Limited Stock Market Press Releases and Company Profile
Half Yearly Report and Accounts
Half Yearly Report and Accounts

Brisbane, Mar 13, 2012 AEST (ABN Newswire) - The Directors of Bandanna Energy Limited (googlechartASX:BND) present their report on the Consolidated Group consisting of the Company and its controlled entities for the half year ended 31 December 2011.

EXECUTIVE SUMMARY

Despite continuation of overall investor market uncertainty Bandanna has maintained the full balance of its commitment to progress towards becoming the next coal producer in Queensland. To this end some very significant milestones were attained during the Reporting Period. Most importantly these involved infrastructure solutions, particularly the completion of financing for Wiggins Island Coal Export Terminal (WICET) and signing of the Wiggins Island Rail Project Deed with Queensland Rail National. Together these now give Bandanna a clear port and rail solution for the first 4 Mtpa development of its Bowen Basin opportunities. Operationally, the Reporting Period saw significant gains in resource confidence levels, including increases in marketable reserves and resources at Springsure Creek and applications for mining leases over three project areas; at South Galilee Coal, Springsure Creek and Dingo West projects.

Definitive feasibility studies were on-going during the Reporting Period for both Springsure Creek and Dingo West projects.

Corporately, Bandanna terminated the formal strategic review process in late December 2011. Discussions with several parties will continue as the Company now focuses on establishing a strategic joint venture relationship for its key Bowen Basin assets, as part of its funding solution for major mine developments.

Bandanna's capital raising in August 2011 enabled it to meet its funding requirements for rail and port associated with WICET Stage 1 and also for the Definitive Feasibility Studies which will be due for completion during quarter 3 2012. Discussions have already taken place with leading banks for providing advisory and arrangement services for any future project finance requirements.

At a Board level, and in keeping with the Company's transition to developer and producer, Mr Michael Gray, formerly of Macarthur Coal Limited, agreed in December 2011 to join the Board and become Managing Director replacing Dr Ray Shaw who has relinquished that position during quarter 1 2012. Also in December 2011 the Company announced the appointment from 1 January 2012 of Mr John Pegler to the Board as non executive director. Both Messrs Gray and Pegler have strong Queensland coal industry experience, from which the Company will benefit over the coming years in its transition to producer.

The Company has also relocated its business and registered offices to larger premises (at level 4, 260 Queen Street Brisbane) in order to accommodate the increasing number of staff and consultants which are now working on various projects, as Bandanna ramps up its activities to meet the additional demands necessary to affect an orderly transition from explorer to producer.

The Reporting Period was also one where the Company responded to major new government initiatives. In July 2011 Bandanna released to the ASX its estimate of the impact of the new Carbon Tax proposal of the Federal Government. In October 2011 the Company also provided a summary of its approach to the broader issues of landowner / occupier concerns and the Queensland Government's Strategic Cropping Land legislation which was enacted in December 2011.

To view the complete Bandanna Energy Half Yearly Report including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-BND-187361.pdf

Contact

Bandanna Energy Limited
Michael Gray, CEO
T: +61-2-9923-1520
F: +61-2-9923-1528
E: info@bandannaenergy.com.au
WWW: www.bandannaenergy.com.au



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