Carbon Energy Raises Funds for Inner Mongolia UCG Project

Carbon Energy has raised $3.6 million to fund work at its Underground Coal Gasification (UCG) project in Inner Mongolia, China.

Funds will also be utlised for rehabilitation plan for Bloodwood Creek, furthering technology licensing agreements, and monetising its Surat Basin coal leases, Carbon said.

Company is focusing on delivering the technology services for the Inner Mongolia UCG Project to project partners, Zhengzhou Group, developing further technology licensing opportunities in China.

Aim of the project is to produce at least 30PJ per annum and is to be completed in 3 stages over the next 2 years and will be fully funded by the Zhengzhou Group.

Carbon Energy will be paid for all services rendered to Zhengzhou during this project.

Zhengzhou Group owns the Haoqin Coal Field in Xiwuqi, Inner Mongolia, China.