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MENAFN - ProactiveInvestors - Australia - 17/12/2012

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(MENAFN - ProactiveInvestors - Australia) Carbon Energy (ASX: CNX) has received A7 million as a research and development tax incentive cash rebate for its expenditure on developing its keyseam underground coal gasification Technology at Bloodwood Creek, Queensland.

Proceeds from the rebate will be used to repay part of the company's A10 million Senior Secured Funding Facility from Credit Suisse, leaving an outstanding balance of 3 million.

This facility was introduced to provide bridging finance to cash liquidity events such as this R&D tax incentive rebate.

Carbon's R&D activities continue and are focused on ensuring that the company remains at the forefront of UCG technology.

The Bloodwood Creek project trial had been independently endorsed as a successful proof of concept for Carbon's keyseam technology.

Carbon has also entered into an agreement to become the exclusive UCG technology partner to Shanxi Sanyuan Coal, China's second largest coal company.

 






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