Carbon Minerals (ASX:CRM)
Carbon Minerals Limited (ASX:CRM) is involved in a range of energy and base & precious metals exploration throughout Australia, but since 1990 has concentrated on seam gas exploration - mainly in NSW, and mainly in the Gunnedah Basin via its wholly-owned subsidiary, Australian Coalbed Methane Pty Limited (ACM). Click here for a summary of the company's corporate history.
In 1993 ACM drilled the first dedicated seam gas well - ACM West Quirindi DDH1 - in the Gunnedah Basin, in 2002 the company drilled what remains the only seam gas well in the NSW portion of the Murray Basin (ACM Noonameena #1), and in 2004 made the exciting discovery of a biogenic seam gas fairway in the Gunnedah Basin. In 2007 the company entered a farmin agreement (FIA) with Australia's second largest petroleum company and the country's largest gas producer, Santos (ASX:STO).
The Gunnedah Basin is set to become one of the country's largest seam gas resources, to which the ACM tenements are destined to be a major contributor. In partnership with Santos, which with its recent acquisition of Eastern Star Gas Ltd has become the dominant operator in the basin, these assets are in competent and responsible hands.