Carbon Energy (ASX:CNX) has received a speeding ticket from the ASX for a share price gain from a low of $0.034 to an intra-day high of $0.053 today.
In response to the price and volume query, the company said it was not aware of any reason not already released that could explain the recent trading in its securities.
It noted that the activity could represent a delayed market response due to the Christmas holiday period to its announcement on 22nd December that Queensland Government had completed the independent review process for the Blue Gum Gas project.
The Department of Environment and Heritage Protection's appointed external consultant has finished its review of the Company’s Decommissioning Report and Rehabilitation Plan for Blue Gum project in the Surat Basin.
A decision by the Government is now subject to consideration of the final reports from DEHP and the Department of Natural Resources and Mines (DNRM) (lead agency for this process) which are expected to be submitted in the New Year.
The Blue Gum Gas Project would be the first commercial UCG project in Australia and unlock the fifth largest Proved and Probable (2P) Reserve of 1,128 petajoules (PJ) in Queensland.
International business initiatives are also continuing to pursue licensing opportunities for Carbon Energy's keyseam technology.
Carbon Energy is also looking to secure offtake partners for Blue Gum gas.
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