Ann: Financial Analyst Report , page-3

Algen ,

I've been a holder for a long time .

Carbon Energy's parallel crip method seems to be better than everyone elses - for the sort of coal seams which are worth gasifying in the first place .

Even so , with the illogical global crusade against coal in any form , this is high risk . A potential 10X upside would not be enough to make the risk attractive .

I invest in Carbon Energy because :-
- Carbon Energy may be able to establish a toll-treatment business model which gives them a measure of protection against expropriation of concessions and mineral resource by Govt's .
- strategic reasons ; if UCG took off faster than shale then my investments in onshore E&P would be up the creek .
- UCG is less sensitive to sweet spots than shale and the syngas produced is not just CO + H2 but can be rich in ethylene and coal condensates etc .
- Carbon Energy are more focused than Linc and have the best tech for producing syngas and leaving an exhausted coal char chamber which is less likely to subside .