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ASF GROUP LIMITED — Capital/Financing Update 2011
Dec 21, 2011
64323_rns_2011-12-21_5e69aa2c-c726-4f72-a96d-697e80f0efc1.pdf
Capital/Financing Update
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ABN 90 118 710 508
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Level 21, Allendale Square 77 St Georges Terrace Perth WA 6000 Australia t: (08) 9389 2000 f : (08) 9389 2099
www.cleanglobalenergy.com.au [email protected]
22 December 2011
ASX ANNOUNCEMENT
By Electronic Release
$500,000 CASH INJECTION FROM DISPOSAL OF NON-CORE ASSETS
Clean Global Energy Ltd (ASX: CGV) is pleased to announce it has executed a sale agreement to dispose of its non-core UCG tenements in Queensland and Victoria for $500,000 cash with ASF Group Ltd (ASX: AFA) following the Company’s recent change in corporate strategy. The deal covers both granted tenements and applications, with the Company expecting to settle the transaction by the end of the week. Under the terms of the agreement, Clean Global Energy will transfer all rights and obligations in these tenements to the ASF Group, and will not retain any residual interest.
In addition to the sale proceeds, Clean Global Energy will be relieved of expenditure obligations on the disposed granted tenements of approximately $450,000 per annum.
Retention of Key Tenements Prospective For Conventional Coal
In targeting conventional coal assets, Clean Global Energy is retaining three granted tenements and one application considered prospective for conventional coal mining: EPC1748 in the Surat Basin, EPC 1751 and EPC1864 in the Bowen Basin and one tenement application, EPCA 1745 in the Surat Basin. The Board is currently developing an exploration strategy for these assets, and as part of the process is reviewing farm-in proposals from third parties to develop the two Bowen Basin tenements. The Board is also working on an exploration program for EPC 1748 in anticipation of drilling, post obtaining land access agreements from key stakeholders, with EPCA 1745 expected to be integrated into this plan if successfully granted. The Board is also is continuing to review and evaluate new energy assets to complement the Company’s remaining portfolio.
Corporate Restructuring Advances
The Board has recently completed the corporate and administrative restructuring of the Company, following the cessation of its UCG focus and operations and the subsequent move of the head office to Perth. Operating expenditure decreased substantially following the move of the head office and the downsizing of the corporate and UCG management team, which will remain until a new lead asset is secured. Cost reduction is a core focus of the new Board to ensure the preservation of existing cash to fund future operations.
The proceeds from the sale of the non-core tenements, along with the substantial decreases in operating expenditure, ensures that CGV has sufficient funding to implement its new strategic focus and secure a new lead asset.
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Alison Coutts Managing Director
Clean Global Energy Limited Level 21| 77 St Georges Terrace | Perth WA 6000 Phone: 08 9389 2000| Fax: 08 9389 2099 www.cleanglobalenergy.com.au [email protected]
ABN 90 118 710 508
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Level 21, Allendale Square 77 St Georges Terrace Perth WA 6000 Australia t: (08) 9389 2000 f : (08) 9389 2099
www.cleanglobalenergy.com.au [email protected]
Schedule of Tenements Retained
| Tenement | State | Basin | Status | Status |
|---|---|---|---|---|
| Granted | PriorityApplication | |||
| EPC 1751 | QLD | Bowen | ||
| EPC 1864 | QLD | Bowen | ||
| EPC 1748 | QLD | Surat | ||
| EPCA 1745 | QLD | Surat |
Clean Global Energy Limited Level 21| 77 St Georges Terrace | Perth WA 6000 Phone: 08 9389 2000| Fax: 08 9389 2099 www.cleanglobalenergy.com.au [email protected]
ABN 90 118 710 508
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Level 21, Allendale Square 77 St Georges Terrace Perth WA 6000 Australia t: (08) 9389 2000 f : (08) 9389 2099
www.cleanglobalenergy.com.au [email protected]
Schedule of Tenements Sold
| Tenement | State | Status | ||
|---|---|---|---|---|
| Granted | PriorityApplication | CompetingApplication | ||
| EPC 1506 | QLD | |||
| EPC 1508 | QLD | |||
| EPC 1539 | QLD | |||
| EPC 2210 | QLD | |||
| EL 5270 | VIC | |||
| EPC 1861 | QLD | |||
| EPC 2110 | QLD | |||
| EPC 2208 | QLD | |||
| EPC 2372 | QLD | |||
| EPC 1592 | QLD | |||
| EPC 1612 | QLD | |||
| EPC 1637 | QLD | |||
| EPC 1986 | QLD | |||
| EPC 1973 | QLD | |||
| EPC 1978 | QLD | |||
| EPC 1982 | QLD | |||
| EPC 2004 | QLD | |||
| EPC 2006 | QLD | |||
| EPC 2027 | QLD | |||
| EPC 2094 | QLD | |||
| EPC 2095 | QLD | |||
| EPC 2174 | QLD | |||
| EPC 2185 | QLD | |||
| EPC 2209 | QLD | |||
| EPC 2213 | QLD | |||
| EPC 2464 | QLD |
Clean Global Energy Limited Level 21| 77 St Georges Terrace | Perth WA 6000 Phone: 08 9389 2000| Fax: 08 9389 2099 www.cleanglobalenergy.com.au [email protected]