Carbon Energy has appointed Pacific Road to market and sell its thermal coal assets in the Surat Basin.
In an announcement today, the company said it had considered the strategic rationale for retaining its exploration permits for coal and had determined that the tenements no longer formed a material part of its portfolio of assets.
In consideration for the Pacific Road Group securing a buyer or buyers for the tenements, Carbon Energy will share the proceeds of the sale with Pacific Road on a 50:50 basis.
Carbon Energy is continuing to work with Photon Energy to progress plans for a renewable energy project at its Bloodwood Creek project site near Chinchilla as a means for extracting value from its Queensland assets.
With existing grid connection and supportive infrastructure, the company said the site was ideally located for a solar power generation plant.
The site was used in the development and testing of Carbon Energy’s keyseam underground coal gasification (UCG) technology, before the Queensland Goivernment banned all UCG operations.
In August Carbon Energy announced it had signed a non-binding term sheet with Ascot Energy to license its keyseam technology and services to develop a modular 30MW capacity syngas fuelled power project in Indonesia.
Ascot Energy, a Singapore-based clean energy company, proposes to replicate Carbon Energy’s Bloodwood Creek project which it believes matches the requirements for its planned projects in Indonesia.
Carbon Energy coal tenements in the Surat Basin.