Carbon Energy Signs Non-Binding Term Sheet with Ascot Energy Pte Ltd

Carbon Energy Limited is an Australia-based gas business using its keyseam underground coal gasification (UCG) technology. The Company's principal activities include proving and improving its UCG technology, keyseam; progressing the China JinHong New Energy joint venture; licensing keyseam technology internationally, and establishing keyseam as the UCG technology of choice for UCG projects around the world. The Company operates through the development of clean energy and chemical feedstock from UCG syngas segment. Its keyseam technology transforms solid coal into gas underground and optimizes the amount of energy extracted from otherwise stranded coal resources. The Company provides UCG services from site selection through to rehabilitation. Its projects include Bloodwood Creek in Australia, Claromeco Coal Basin in Argentina and Mulpun Project in Chile. It also holds a UCG project located at Haoqin Coal Field in Xiwuqi in Inner Mongolia, China.