Cuesta listed on the Australian Stock Exchange on May 4, raising $20 million to fund an aggressive two year exploration campaign, mine scoping and a feasibility study program for four of its focus projects throughout the major coal-bearing regions of Queensland.

Releasing an update at its drilling campaign at East Wandoan, aimed at increasing the current JORC inferred resource of 23.9 million tonnes, Cuesta said it had drilled 59 holes in excess of 7000m at the tenement since the second quarter of 2011.

The latest highlights from the drilling program displayed some positive results, with Cuesta confirming the confirmation of shallow coal seams in a new target area, 5km northwest of the Thorn Hill deposit which is located in the Surat Basin.

The company undertook 35 open PCD holes and 4 cored holes, totalling 4050m of drilling.

Cuesta said the confirmation of shallow coal seams present 5km northwest of Thorn Hill identified an additional target area for follow up drilling.

The Thorn Hill deposit is targeting Taroom coal measures at open cut depths, less than 100m from surface.

Cuesta managing director Matt Crawford said the drilling program to date at East Wandoan had yielded some firm results.

“We are extremely happy with our first exploration campaign of 2012, which again demonstrates that Cuesta can deliver on its exploration objectives in a timely and cost efficient manner,” he said.

Cuesta’s tenements are located in Queensland’s coal bearing regions of the Surat, Bowen and Galilee basins.

The company intends to drill 10,000m on its tenements during 2012 alone.

Cuesta formed in September last year to acquire the available securities of Queensland coal exploration company Blackwood Coal in preparation for a public listing.