The statement continues the modelling of existing Carbon Energy tenements in the Surat Basin from public file drill hole information and has been developed by independent mining professional services company GeoConsult.

Acting chief executive Morné Engelbrecht said: “The continuing increase in our JORC resource using publicly available information at our wholly owned tenements demonstrates the world-class potential of the Surat Basin.

“The Basin’s thick and laterally continuous seams appear

suitable for the development of a number of longwall coal mines, including the potential to mine other Walloon seams beneath this resource.”

The newly defined resource relates to tonnage increases in the Macalister Seam.

There is significant potential for further definition of resources in other Walloon coal measure seams in these same leases, subject to obtaining further coal quality data within these seams, according to the company.

Carbon Energy previously announced the finalisation of a Conceptual Study on conventional coal mining at its Surat Basin tenements that identified at least three longwall mining areas each with the potential of mining 5 million product tonnes per annum of thermal coal.

“Coal quality within Carbon Energy’s resources is expected to be consistent with the published coal qualities of the Macalister Seam at the Wilkie Creek and Kogan operating

coal mines,” the company said. “These mines produce an export thermal coal product of around 11% ash, 9%

moisture and Gross Calorific Value of 6,200 kCal/kg.

“Carbon Energy is seeking the monetisation of our large 100% owned thermal coal Resource.”

Carbon Energy plans to utilise the funds generated to further develop its core business of providing underground coal gasification technology and services.