News: Bandanna upgrades Springsure reserves

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Coal explorer Bandanna Energy Limited (ASX:BND) has upgraded its reserves by 50 per cent at its Springsure Creek project in Central Queensland.



Bandanna’s managing director Michael Gray says, the expansion of the Springsure reserve is a milestone in the ongoing development of the project.



Bandanna has three rigs continuing to operate in Springsure and has affirmed it is on track to become Australia’s next coal producer.



In the first half of the 2012 financial year, Bandanna Energy reported a net profit of $3.6million.