News: Carbon Energy banks $2.5M research and development tax refund

Carbon Energy (ASX:CNX) has received a $2.5 million tax rebate under the Federal Government’s Research and Development Tax Incentive Scheme.

Proceeds have been used to repay the $1.2 million Macquarie Bank (ASX:MQG) loan facility.

The company continues to progress its strategic objectives.

This includes discussions with the Queensland Government to finalise environmental reports submitted in the last quarter of 2014 and commencement of an Environmental Impact Statement for the Blue Gum Gas Project.

Blue Gum Gas Project in the Surat Basin has the state’s fifth largest Proved and Probable (2P) Reserve of 1,128 petajoules.

It also continues to engage with a number of Asian and European based parties and agencies to progress licensing and joint venture opportunities for its underground coal gasification (UCG) technology.

This is focused on China, which has included UCG as a key pillar in the country’s plans for cleaner energy production.

The company was invited by China's leading mining university, China University of Mining Technology, to be foundation partners in the formation of the International Underground Coal Gasification Research Centre.
   
Carbon Energy had $1.69 million in cash as at 30th June 2015. CNX last traded at $0.016.