Hi Mike
Thank you for your interest in Carbon Energy. I understand you recently spoke with Catherine and she has asked me to respond to your queries. Please see responses to your queries below:
For the Attention of Catherine Costello,
Further to our recent telephone conversation I should like answers to the following questions :
1: With regard to the lack of response from the Queensland Government regarding approvals , what if any legal opinions constitutional or general have been obtained ,or not and what process is being undertaken to ensure timely approval to this most frustrating and wealth destroying of situations ?
Carbon Energy is actively engaged with the QLD Government. The process to grant commercial use of our keyseam technology is a bespoke process. There is no statutory obligation, time limit or process precedent – these decisions are the control of the government. We continue to try multiple strategies, and whilst the Government acknowledge Carbon Energy is different to any other technology of its kind there is still no certainty on when an outcome will be reached.
As you discussed with Catherine, if you wish to contact your local member of parliament or the state government you are in your rights to do so.
2: Without being provided specific contract amounts for the work being done for the joint venture , it is impossible to ascertain their value in keeping the company going as was alluded to in earlier reports,. Therefore I must assume that these works will not produce sufficient free cash flow to sustain the company until the above approvals come through?
Can you please confirm these points ?
As part of the China JV Carbon Energy is contracted to provide technical services once the JV is established and its chosen project commences. Once it has its this/these project(s) are confirmed we will be able to advise the expected revenue to be gained from the project(s).
3: Given that another major dilution of Long Term Holders Funds is about to take place can you please confirm with a % of probability that this will be the last call on us for funds prior to the approvals.
The Company’s objective remains to establish keyseam as the method of choice for monestising deep coal resources worldwide. We are closing in on this goal.
The working capital we require is to create a bridge to self sufficiency and we hope to achieve this as soon as possible.
From where we are even a year ago our business model has evolved to be capital light and highly replicatable across markets. Our focus remains on providing shareholders with long term growth for their investment.
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