I do not fully understand the implications but it seems the JORC compliant resource for the UCG project was met in America but CNX backed out because of the unfavourable economic climate at the time for gas sales in the USA.
Having not read the full agreement signed by the parties concerned I do not know what will eventuate with this case.
They state the JORC compliant resource was met in the 23 Jan 2013 announcement and this was part of the agreement for further shares to be allocated.
Why did CNX not highlight this 23rd January 2013 announcement is my lingering question?
I discovered they had had an environmental breach and fines which I was not aware off too. Not as good look really.
This later law suit certainly takes the shine off CNX is my opinion especially when the fail to highlight relevant information.
Spelling mistake in their 23 Feb 2011 announcement, complaint instead of compliant although minor stands out as sloppy work in my opinion, especially on an important announcement, as it was back then.
CNX Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held
