Clean Global Energy’s (ASX: CGV) strategic move into the conventional coal sector and corporate restructuring has seen Brett Mitchell move from non-executive director to executive director.
Mitchell has been a non-executive director of Clean Global since November 2011.
The company is pursuing a new strategic direction away from Underground Coal Gasification (UCG) projects towards targeting conventional coal assets.
Importantly, the change in strategy is aimed at maximising Clean Global’s cash at hand of A$3.2 million at the end of the December quarter, and providing the opportunity to significantly develop its asset base in fast growth conventional coal.
The company has been granted exploration permit EPC 1748 in the Surat Basin in Queensland.
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.
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.
He is currently a director of Transerv Energy (ASX: TSV), Wildhorse Energy (ASX: WHE), Kilgore Oil and Gas and Quest Petroleum NL, and is a member of the Australian Institute of Company Directors (ACID).
As part of the corporate restructuring, Clean Global has relocated its head office and corporate operations to Perth in Western Australia.
Alison Coutts has resigned as chief executive officer and managing director effective immediately but will remain on the board as a non-executive director.
Coutts was appointed chief executive officer in May 2011.
Disposal of non-core UCG assets
Clean Global has disposed of non-core UCG assets in Queensland and Victoria for $500,000 in cash.
This will relieve the company from annual expenditure of $450,000 per annum on the disposed tenements.
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/25493/clean-global-energy-appoints-executive-director-as-it-moves-into-conventional-coal-25493.html