Australia's Molopo Extends CBM Sale Deadline

Australia’s Molopo Energy has decided to extend the deadline to finalise the sale of its coal-bed methane (CBM) gas leases in Queensland from end-2011 to middle of next year.

The company started the process to sell its CBM assets in Queensland following a strategic review of the company's assets earlier this year.

The potential sale of Molopo's CBM assets follows a consolidation of CBM reserves in Queensland during the past four years, with the four groups either building or planning LNG project at Gladstone port buying up reserves to support their respective projects.

Molopo has about 500 petajoules (13.1bn m³) in proven and probable CBM reserves.