Still hanging in there. What I liked about the recent announcement are the following (the market seemed to like it too);
Company Milestones
1. The China University for Mining and Technology International Research Centre for UCG (the Centre) was officially opened, with Carbon Energy’s Dr Cliff Mallett appointed as Director of the Centre. - The Centre will seek to simplify the regulatory process by establishing national and international standards of operation for UCG and formally seek recognition by Government. - The establishment of the Centre is an important step forward in the advancement of Carbon Energy’s expansion plans in China.
2. The formal registration of the Chinese Joint Venture Company, the Beijing JinHong New Energy Development Joint Venture (JV) by the Chinese corporate registry. Under the JV Agreement, JinHong will contribute US$30 million towards developing a commercial demonstration project upon the JV meeting certain milestones.
3. Memorandum of Understanding was signed with Photon Energy to evaluate the development of a large scale solar power generation plant with up to 20 MW capacity at the Company’s Bloodwood Creek facility in Queensland. Under the MOU, feasibility of an innovative power storage system on the Bloodwood site will also be assessed.
4. Carbon Energy is currently pursuing a number of business development opportunities in Asia, South America, and Australia.
Additional Financial Items
1. Entered into a sub-lease for part of its corporate office premises in Brisbane, which will reduce operating costs going forward.
2. The Company’s 2016 Income Tax Return has also been lodged with an estimated Research and Development (R&D) rebate of approximately $1.38 million expected to be paid within the next 30 days.
Overhead cost cutting and services revenue on its way - positive stuff. Plenty of irons in the fire here and potential for more positive announcements over the coming months. I suspect there will plenty of sp support.
The options overhang is now removed.
CNX Price at posting:
1.5¢ Sentiment: None Disclosure: Held
