CNX has made good progress at the Bloodwood Ck site in Queensland in recent months. UCG Panel 2 was ignited on 28 March and when the desired syngas quality and quantity had been established at the end of April, it was introduced into the first of three engines at the 5MW power plant on site.
The achievements at Bloodwood Ck are very encouraging for the development of the UCG industry. The performance of the UCG Panel and the generation of power has been in line with or at the high end of expectations. The project requires further production history and repeatability from additional UCG panels, both here and at other locations to demonstrate full commercial viability. However, the operations at Bloodwood Ck - albeit on a small scale - have essentially proven the concept. This is a big step forward and a significant risk reduction that is not recognised by the market. The share price is trading at a third of the value from the highs reached in 2009.
The delay for Ergon was in the start date due to commitments with Electrical contractors assisting affected residents of QLD to regain power. Now they have started they are progressing well.
As for Karoon Gas, IMO a Sp 0.17 in 2004 to 1.50 in 2005 with a high of 10.00 in 2010 is fairly good success story. Well it was for me.
As for your comment people who make a living from trading usually have little knowledge, thats why they only make a living. To be a successful trader whether it be short or long term, knowledge is the key.
realcoolone I do value your opinion and appreciate your reply, as do i appreciate all the posts for this stock, keep them coming.
CNX Price at posting:
20.2¢ Sentiment: Buy Disclosure: Held
