Sunbird Raises Capital for South African Gas Projects

Australia listed, Africa focused coal bed methane player Sunbird Energy has raised $5million for the development of the Ibhubesi Gas Project and the ongoing exploration drilling at the Mopane CBM project in South Africa.

Net proceeds from the raising will primarily be used towards upgrading the existing 870 BCF (billion cubic feet) 2C contingent resources to a maiden reserve at the Ibhubesi Gas Project. The company also plans to use the funds to undertake environmental scoping studies, preliminary development plan and initial cost estimates at the Ibhubesi Gas Project.

Sunbird also plans to complete the ongoing 8 core hole drilling program at the Mopane CBM project.

The copmany has a portfolio of five CBM projects covering an extensive area (9,904km2) of prospective coal basins across in South Africa and Botswana.