Ø  1980 – The Company float was sponsored by Magnum Explorations Limited (“Magnum” - later to become Magnum Resources Limited) to permit systematic ongoing exploration of the group’s “considerable portfolio” of exploration tenements at no cost to the existing group or its shareholders. Implicit in the float was the acquisition (via share issue) of a 10% interest in Sunshine Gold Pty Ltd, a wholly-owned subsidiary of Magnum, and owner of the Vickery coal deposit in the Gunnedah Basin

Ø  1986 – three million ordinary shares (50c shares paid to 20c) were issued to Magnum as a “call in advance” and at a discount of 6.67c/share.

Ø  1987 – Vickery coal deposit sold, with Carbon’s 10% realising $2.8 million.

 

Ø  Period to 1989 – Carbon progressively acquired Magnum shares, and by the end of the 1989 reporting period had 19.41% of the capital, or 1,554,800 shares.

Ø  1991 – the takeover offer for its Magnum shares was increased to $4.10 which was accepted for a profit of $1,974,923

Ø  1992 – This was another landmark year in the company’s history.  In December 1991 a capital reduction (share buy-back) was proposed by Carbon.  This was approved in March 1992, when $971,490 was paid to accepting shareholders. Other notable events for 1992 were:

 

o   Australian Coalbed Methane Pty Ltd (ACM) formed as a wholly-owned subsidiary

o   PEL 238 granted

o   PEL1 applied for and granted

o  Joint Venture with giant NSW energy utility, Pacific Power was instigated, with ACM (80%) as Operator.

Ø  1993 – West Quirindi DDH1 was drilled, the first dedicated seam gas well in the Gunnedah Basin.

Ø  2003 – State Government winds up Pacific Power, and 100% equity in the Gunnedah project reverted to ACM.

Ø  2004 – Discovery of the “Biogenic Coal Seam Gas Fairway” in PELs 1 & 12

Ø  2006 – Share call initiated in May at 10c/share to take 50c shares to a paid value of 30c).  A total of 983,775 shares were forfeited, and sold at auction on July 14, 2006 when $232,319.25 was raised, at prices ranging from 18 to 27c/share

Ø 2007 - Company enters Farmin Agreement (FIA) with Santos and converts from No Liability company to Limited Liability with shares fully paid to 30c.

 

Ø  2010 - Contingent resources (3C) of 5,459 petajoules announced for project area from the Stage 1 FIA work

 

Ø 2011 - $15 million payout from Santos for the FIA termination and an enhanced stage 2 program commitment.