Coalbank
Coalbank (ASX: CBQ) is one of Australia’s largest holder of Queensland coal acreage with 27 granted EPC's covering an extensive 24,000 square kilometres, which includes 21,000 square kilometres in the highly prospective Surat Basin.
Coalbank to recommence drilling at Blackall coal project in August
Friday, August 12, 2011
Coalbank (ASX: CBQ) is expecting to recommence drilling of high priority coal targets at its Blackall coal project in Queensland after executing a contract for drilling services.
Field activities are in progress and drilling will commence during the week beginning 23 August 2011. The drilling contract formally expires on 30 June 2012.
The execution of the drilling contract follows the settlement of an institutional investment received from investment funds affiliated with Och-Ziff Capital Management Group LLC on July 22.
The investment represented a major vote of confidence in the company's extensive Queensland coal acreage with a A$3.8 million capital injection.
Coalbank said initial drilling targets in the Blackall area have been refined in recent weeks using data from additional waterbore logs that indicate coal intersections in historical boreholes, along with anticipated extensions of known coal deposits adjacent to the company’s permits.
Coalbank is focused on coal projects and has one of the largest coal exploration permit areas in Australia.
The company is also seeking partners or spin-off opportunities for its petroleum subsidiary, Surat Gas Pty Ltd and its remaining minerals projects.
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