22/07/2009 - 13:14

Liberty, Clean Global in syngas deal

22/07/2009 - 13:14

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Subiaco-based Liberty Resources has signed an agreement with private company Clean Global Energy to develop an underground coal gasification project in Queensland.

Liberty, Clean Global in syngas deal

Subiaco-based Liberty Resources has signed an agreement with private company Clean Global Energy to develop an underground coal gasification project in Queensland.

 

Part of the announcement is below:

 

Liberty Resources Limited ("Liberty") is pleased to announce that it has signed a Heads of Agreement with Clean Global Energy Pty Ltd ("CGE") for development of an Underground Coal Gasification ("UCG") project in the Surat Basin, Queensland. Following a review, CGE will be able to earn up to a 60% interest in an agreed tenement by undertaking UCG exploration.

Subject to regulatory approval, CGE will then construct a pilot plant initially producing 1PJ per annum of syngas expanding to 50PJ per annum. Liberty will have an initial free-carried interest. Liberty's Bentley (EPCA1736) and Goondalah (EPCA 1735) tenements are to be reviewed are. Other tenements in the Surat may subsequently be considered.

Following initial production of syngas, Liberty and CGE will enter into a joint venture to pilot 50PJ per annum of syngas.

Liberty will have a 30% interest and CGE a 70% interest in the joint venture.

Liberty will contribute in accordance with its 30% interest from signing the JV.

Liberty is working towards supplying affordable gas and power, and at the same time offering a unique opportunity to reduce Australia's level of CO2 emissions.

Liberty has extensive tenements including those with coal at depths greater then 700m below the surface. Gasification (steaming) of deep coal seams creates deep chambers suitable for storing CO2. At depth CO2 becomes a liquid - held securely by the Earth's pressure.

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