Carbon Energy Raises A$2.5 mn to Advance Blue Gum Gas project in Queensland
Carbon Energy on Wednesday said it has raised A$2.5 million from its share purchase plan to advance its Blue Gum gas project in Queensland, Australia.
The Blue Gum gas project will involve an expansion of Underground Coal Gasification (UCG) activities on company’s existing Bloodwood Creek site, and the construction and operation of a synthetic natural gas (SNG) plant on adjacent Blue Gum property.
The project intends to deliver 25PJ per annum of pipeline quality natural gas. The company anticipates that first gas could be supplied to local industry by 2017.
Commenting on the results, CEO and Managing Director, Morné Engelbrecht said “We are moving towards finalising the process of seeking Queensland government approval to commence the Blue Gum gas project, and closer to our vision of becoming a major gas producer. We look forward to continuing to work with the state government to make this important project a reality.”
Last month, the company announced it has 5th largest 2P gas reserves in Queensland.
The company announced more than doubling of its 2P Surat Basin gas Reserves to 1,128 petajoule (PJ) (1 trillion cubic feet (Tcf)) of natural gas equivalent or 188 million barrels of oil equivalent (mmboe).