Clean Global Energy moves into high growth Queensland coal sector

Clean Global Energy, (ASX: CGV) as foreshadowed, will pursue a new strategic direction away from Underground Coal Gasification (UCG) projects towards targeting conventional coal assets.

This follows the recent granting of EPC 1748 in the Surat Basin in Queensland.

This is aimed at maximising the current cash at hand, and provide the opportunity to significantly develop its asset base in fast growth conventional coal.

Clean Global still holds UCG interests through tenements in Australia and agreements with companies in India and United States, but will not be actively pursuing these projects in the future.

In addition, the company has appointed Brett Mitchell to the board as a non- executive director, effective immediately. Wayne Rossiter and Dr Michael Green will not be re-appointed to the board.

Mitchell has worked for both private and publicly listed entities for the past 18 years as a corporate finance executive, and has worked specifically in the financial markets and resources sectors.

Mitchell is currently a director of Transerv Energy (ASX:TSV), Wildhorse Energy (ASX: WHE), Kilgore Oil and Gas Ltd and Quest Petroleum NL and is a member of the Australian Institute of Company Directors (ACID).

The company also intends to move its head office and corporate operations to Perth, Western Australia, due to its new strategic direction.

Analysis

The company's move toward conventional coal exploration is likely to prove a watershed for the company.  Queensland conventional coal stocks have been among the best performers on the ASX as Asian companies strive to lock up supplies of coal to meet demand.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/22563/clean-global-energy-moves-into-high-growth-queensland-coal-sector-22563.html