Review of Operations
Queensland
During the year, Liberty entered into a Heads of Agreement (‘HOA’) with Clean Global Energy (ASX: CGV) for the development of an Underground Coal Gasification (‘UCG’) project in the Surat Basin, Queensland. In July 2010, the parties agreed not to proceed with the original HOA.
The Company also entered into a Heads of Agreement with Carbon Energy Limited (ASX: CNX) for the development of multiple UCG projects in the Galilee Basin in Queensland.
As part of its growth in Queensland, the Company entered into a Memorandum of Understanding (‘MOU’) with Australian Transport and Energy Corridor Limited (‘ATEC’). The objective of the MOU is to finance and jointly develop complementary energy and transportation projects in Queensland.
In April 2010, the Company lodged two Mineral Development Licence Applications (‘MDLAs’) in theGoonalah and Bentley areas in the Surat Basin. These MDLAs are not overlapped by Coal Seam Gas(‘CSG’) rights.
The Company also lodged an overlapped MDLA in the Surat in October 2009.
South Australia
Liberty applied for nearly 10,000 km2 of Petroleum Exploration Licences (‘PELs’) over the Renmark Basin in South Australia. The Company is conducting a detailed data review to plan the next phase of this strategy, in anticipation of granting. The PELs have rights to develop UCG, CSG and conventional oil and gas opportunities.
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