News Column

Carbon Energy Shareholder Update

August 26, 2014



ENP Newswire - 26 August 2014

Release date- 22082014 - Carbon Energy (ASX: CNX, OTCQX: CNXAY) provides the following update.

Queensland, Bloodwood Creek Commercialisation Project Update

As previously announced the Company is planning to lodge the Bloodwood Creek UCG demonstration site Decommissioning Report (the Report) for submission to the Queensland Government. The internal drafting and external review of the Report has taken longer than expected. As this process is a critical step in enabling the Company to plan, and seek approval for, a commercial scale operation in Queensland, the Company will continue to work closely with its environmental consultants to finalise the Report for submission.

We still expect to lodge the Rehabilitation Plan as scheduled as a proportion of the work has been front-loaded to assist with the drafting of the Report.

Lodgement of 2014 Research & Development Rebate Application

Carbon Energy lodged its research & development rebate application with the Australian Taxation Office for $3.7 million. It is anticipated that the rebate, for research and development expenditure incurred during 2013-14, will be received by the end of September 2014.

Drawdown on Macquarie $1.5 million Financing Facility

The Company has drawn down the full amount of the $1.5 millionMacquarie Bank facility to assist in funding its working capital requirements ahead of receiving the abovementioned 2013-14 research and development rebate. The facility will be repaid in full upon receipt of the rebate.

Contact:

Marina Cid

Tel: +61 3156 7777

About Carbon Energy

Carbon Energy is an energy innovator, and leading coal-to-gas company.

Our unique proprietary underground coal gasification technology keyseam, delivers low cost and environmentally responsible energy which can be used for power generation, chemical production and pipeline quality gas.

Initially developed by the CSIRO, Carbon Energy's keyseam has the capacity to deliver a new generation of energy following over $100 million investment and five years of research and development. Our proven high quality and consistent syngas production has been developed at our Bloodwood Creek demonstration site in South East Queensland.

keyseam unlocks new energy sources by converting deep, previously inaccessible or uneconomical coal into a high-value gas, while it is still underground. The result is more sustainable, affordable, and safer, energy. Carbon Energy is based in Brisbane, Australia.


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Source: ENP Newswire


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