CARBON ENERGY LIMITED 29 October 2015
Level 9, 301 Coronation Drive, Milton QLD 4064 Australia
PO Box 2118, Toowong DC QLD 4066 Australia
phone + 61 (0) 7 3156 7777
fax + 61 (0) 7 3156 7776
www.carbonenergy.com.au
Carbon Energy Limited ABN 56 057 552 137
Carbon Energy (Operations) Pty Ltd ABN 61 105 176 967
- Mr Zhuang, 100% owner of the Company's largest investor appointed to Board
The Board of Carbon Energy Limited (ASX: CNX, OTCQX: CNXAY) is pleased to announce the appointment of Mr Huihai Zhuang to the position of Non-executive Director.
Mr Zhuang's appointment follows the increased shareholdings to 19.99% of Kam Lung Investment Development Company Ltd ('Kam Lung'), the Company's cornerstone investor, which is 100% owned by Mr Zhuang.
Mr Zhuang is a respected successful entrepreneur in China's elite business circle, controlling a number of investment groups with business interests in retail, real estate, new technologies and resources. His business interests extend beyond China into Hong Kong and Australia.
Chairman, Dr Chris Rawlings, said 'The Board is delighted that Mr Zhuang has joined the Board and we welcome the experience Mr Zhuang will bring to the Board, especially in relation to his strong business and government network and operational experience across China.'
At the Company's Annual General Meeting to be held on 30 November 2015, shareholders will be asked to vote for the formation of a joint venture (JV) in China with Mr Zhuang's associate company, Beijing Jinhong Investment Co. Ltd. (Jinhong). Jinhong will contribute US$30M (A$40M1) to the JV over 3 years, with its first priority to develop a commercial Demonstration Project showcasing the Company's keyseam technology.
Mr Zhuang said, 'Carbon Energy faces a range of exciting growth opportunities in China as the country's government looks to support technology and industry to underpin China's move towards a cleaner energy future. I am excited by keyseam's credentials and believe together we can capitalise on the opportunity in China and maximise value for all shareholders.'
For and on behalf of the Board Dr Chris Rawlings
Chairman of the Board
1 Assuming an AUD exchange rate of 75 cents
Carbon Energy (ASX: CNX) is building a gas business, utilising its unique keyseam Underground Coal Gasification (UCG) technology.
The Company is committed to providing industrial gas users with an affordable and secure source of high quality feedstock, as gas prices remain strong, through increased demand across our key markets.
Carbon Energy has completed the only successful, complete lifecycle, commercial scale underground gasification trial having undergone intense, independent environmental scrutiny.
This highly controlled, proven technology enables access to gas resources that were previously considered too deep or uneconomic to reach.
keyseam maximises resource efficiency while minimising surface disturbance and preserving regional groundwater use. Originally developed by Australia's leading research and scientific body, the Commonwealth Scientific and Industrial Research Organisation (CSIRO) it has been operationally proven through six years of field trials.
Alongside its Australian operations, Carbon Energy is working with international partners to unlock new energy resources offshore. The Company can deliver end-to-end services from initial project assessment through to commercial project development, operations, site decommissioning and rehabilitation.
Carbon Energy is headquartered in Brisbane, Australia and is listed on the Australian Securities Exchange (ASX).
keyseam® is a registered Trademark of Carbon Energy Ltd
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www.carbonenergy.com.au
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