25 September 2007 The Manager Centralised Company Announcement Office Australian Stock Exchange Limited 10th Floor, 20 Bond Street SYDNEY NSW 2000 Dear Sir, RE: NEW CEPL DRILL RESULTS – BLOODWOOD CREEK UCG DEMONSTRATION SITE Carbon Energy Pty Ltd (CEPL), a 50/50 Joint Venture between Metex Resources Ltd and the CSIRO, is pleased to report that its current drilling program at Bloodwood Creek has extended the coal resource potential by at least 2 km to the south of the JORC (2004) compliant Inferred Coal Resource of 45 million tonnes of high quality coal delineated in March 2007. The thickness of the coal seam has continued to average approximately 9m. The extent of this coal bed remains open down dip of the current drilling coverage (Figure 1). A revised coal resource figure for the Bloodwood Creek site will be calculated at the completion of the current program. Results to date are as follows: Hole NoNorthingEastingHole DepthIntercept (m)From (m)To (m)KG01869935842826532288210218KG019699309228272822810206216KG02069930502822232169199208KG02169932182817782288201209KG0226992545282732229.3204213.3KG02369927202818002468.8216224.8 Table 1. Drillhole results Bloodwood Creek- September 2007 Bloodwood Creek (in the Surat Basin) is approximately 300km west of Brisbane, and has been chosen by CEPL as the site to commence Australia’s largest trial for the production of synthetic gas (syngas) from the underground gasification of coal (refer MEE ASX Announcement of the 18 September 2007). For and on behalf of the Board I.W. Walker Managing Director cc: Directors Competent Person Statement on Results, Mineral Resources or Ore Reserves is based on The information in this report that relates to Explorati information compiled by Mr I.W. Walker, Managing Director Metex Resources Ltd who is a member of the Australian Institute of Geoscientists. Mr Walker has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Walker consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. Figure 1. Location of Bloodwood Creek drillholes –September 2007. 2
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