Bandanna Energy is looking for new partners to help fund the development of its coal mines in Bowen Basin.
The Brisbane based company is currently engaged in discussion with many possible joint venture partners for its projects in Queensland. The company will need major project capital funding as per an announcement it made on 23 Dec 2011.
The need for additional funds in part comes from the upgrade of resources at the Sprinton domain at the Springsure Creek tenement. The company has a JORC Total Resource inventory of 1,620.5 million tonnes. This includes 1,031.5 million tonnes of Resources identified within Bandana Energy’s 100% owned Bowen Basin tenements.
It also includes a net 589 million tonnes, represents Bandana Energy’s 50% share of total resources identified within tenements of the South Galilee Coal Project. With such a vast inventory Bandana Energy is positioned as one of the biggest coal explorers and developers on the Australian Securities Exchange.
Bandanna Energy also said that with a four MTPA port allocation in Stage 1 of the Wiggins Island Coal Export Terminal in Gladstone, Bandanna has a clear pathway to significant coal production commencing in 2014. In addition the Company has conventional oil and gas exploration interests in the Cooper Basin of South Australia and Queensland and mineral exploration licenses, primarily for oil shale in Queensland.