• Nine Coal Permits applied for since 2008
• Three Coal Permits granted
• One Coal Permit under offer for grant
• Three competing applications
• Two more coal permit applications lodged
• 2,000 metre, 5-10 hole drill program planned
• Ongoing evaluation of Coal-UCG opportunities
QUEENSLAND COAL-UCG PORTFOLIO
In mid-2008, GCR began evaluating developments in the supply of both coal and gas to global energy markets and concluded that the market would require additional sources of supply for both commodities. Beginning in November 2008, GCR has applied for nine permits in the Bowen, Surat, Clarence- Moreton and Galilee Basins in Queensland.
GCR is planning to drill four of its coal permits that have been recently granted or offered. The focus of exploration will be evaluating the potential of deeper “stranded coal seams” for UCG extraction where the opportunity for shallow, open cut resources is limited.
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