The Board of GulfX Ltd (“GulfX” or “Company”) is pleased to...

The Board of GulfX Ltd (“GulfX” or “Company”) is pleased to announce that the Company has entered into an agreement to acquire a 100% interest in Syngas Energy Limited (“Syngas Energy”).
Syngas Energy’s focus is on achieving large scale syngas production from its large 100% controlled feedstock, using commercially proven gasification and associated technologies. It aims to produce significant quantities of Power (in the form of gas as input to gas fired power stations), ultra low-sulfur high-quality automotive “Clean Premium” Diesel and native/pure Sulphur for sale in the industrial market place.
The fundamentals of Syngas Energy’s business are technically similar to Australian projects which Shell (Monash Energy Limited) and BP (Hydrogen Energy Limited) have recently announced.
Syngas Energy holds two exploration licenses (one granted and one in the late stages of the granting process) covering a total of 431 km2 area within approximately 140 km of Adelaide, South Australia. Based on the results of exploration activities undertaken by the South Australian government, which have been publicly gazetted, a deposit in the size range of 1.0 to 1.5 billion tonnes of Lignite is targeted in this area (see Note 1 below).
Extensive exploration has already been undertaken, including more than 330 drill holes. Syngas Energy has commenced work on preparing a JORC compliant resource estimate for the area.
With Syngas Energy’s main feedstock (Lignite deposit) located close to Adelaide and existing infrastructure (including roads, rail, shipping and labour markets and power supply), this provides:
• the potential for substantial cost benefits during the project’s development and ongoing operation; and
• with approximately 40% of the power currently consumed in South Australia generated outside the state and very little Premium Diesel produced, with both domestic and industrial demand rising (including the expansion of Olympic Dam), a ready and expanding market exists for its end product.
Syngas (from synthesis gas) provides a comparatively clean fuel source (refer to Figure 1) for any gas fired power station, in terms of Greenhouse gas emissions. ‘Clean’ because on combustion the exhaust gases contain lower levels of sulphur dioxide, nitrous oxide and particulates (e.g. sulphur) than for a number of other power plant feedstocks.