Clean Global Energy disposes of non core UCG assets
Clean Global Energy (ASX: CGV) has continued its corporate restructuring disposing of non core underground coal and gas (UCG) assets in Queensland and Victoria for $500,000 in cash.
Recently appointed managing director Alison Coutts elected to sell the surplus assets to ASF Group Ltd (ASX: AFA) following the company's recent change in corporate strategy toward conventional coal exploration.
This will also relieve Clean Global from annual expenditure of $450,000 per annum on the disposed tenements.
In targeting conventional coal exploration, Coutts is looking to leverage higher valuations accorded to conventional coal explorers and developers with assets in Queensland.
The company is retaining three granted tenements and one application considered prospective for conventional coal mining: EPC1748 in the Surat Basin, EPC 1751 and EPC1864 in the Bowen Basin and one tenement application, EPCA 1745 in the Surat Basin.
Clean Global, as part of the exploration process has received farm-in proposals from third parties to develop the two Bowen Basin tenements.
It is also working on an exploration program for EPC 1748 in anticipation of drilling, post obtaining land access agreements from key stakeholders, with EPCA 1745 expected to be integrated into this plan if successfully granted.
Significantly, Clean Global is known to be reviewing new energy assets to complement the current portfolio to acquire a lead asset.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
