Gas Week

EWN Publishing

Greenpower merges Planet Gas and European Gas’ seven CSM tenements in Victoria, NSW, SA and WA

Posted by gasweek on 18 September, 2007

Still on coal seam gas, Greenpower was passing the hat for $6-10 million to explore across seven tenements in Victoria, NSW, SA and WA, reported The Australian (14/9/07, p. 25).

Vic the place to explore: According to director Gerry King, “by far the biggest emphasis” was on Victoria. It has long been known that there was black coal in the Gippsland basin, but commercial CSG was yet to be found.

How Greenpower formed: Greenpower results from two listed entities — Planet Gas and European Gas — tipping in their CSG assets. Greenpower evolved from the dormant shell of Gunnedah Collieries, a former subsidiary of the old Australian Mining Investments, which morphed into the controversial Cudeco.

Greenpower speculative buy: Greenpower was rated a speculative buy ahead of its 15 October listing. King believed Greenpower would have enough for a meaningful drilling program. “Our long-term view is to do in Victoria what Queensland Gas does in Queensland,” said King.

The Australian, 14/9/2007, p. 25

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