ABN 29 00 l836 586 -ASX Code CRM
Seam Gas Pioneersof theGmmedah BasinNSW
www.carbonminerals.com.au
HALF-YEAR FINANCIAL REPORT SIX MONTHS ENDED 30 JUNE 2017CARBON MINERALS LIMITED A.B.N. 29 001 836 586
DIRECTORS' REPORT
Your directorspresent their report on the consolidated entity consisting of Carbon Minerals Limited and the entitiesit controlled atthe end of,or during,the half-year ended 30June 2017.
Directors
The following personswere directorsof Carbon Minerals Limitedduring the half-yearand up tothe date of this report:
M.P. Lincoln Smith
W.V. Annis-Brown
S.J. Danielson
B.K. Lee (alternatedirector for S.J.Danielson)
Operating Results
The consolidated Joss of the consolidated entity forthe half-year after income tax was $139,990 (2016half- year:loss of $103,879).
Dividends
The directors report that during the half-year ended30 June 2017 no dividends were declared or paid (2016half-year: nil)
Review of Operations
Gunnedah Basin Coal-Seam-Gas Project
Petroleum Exploration Licences (PEL) 1 and 12, NSW (Gunnedah Basin)
These tenements are heldby wholly owned subsidiary, Australian Coalbed Methane Pty Ltd (ACM) and are subject to a Joint Venture (JV) with Santos QNT Pty Ltd (Santos). Santosholds a 65%interest in thetenements and is theproject Operator.
Field operations have remained limited to routine inspectionand maintenanceof existing wellheads,surface facilitiesand access tracks.
Operator Santos has submitted various statutoryreports to the Regulator in accordance with requirements and continuesto be proactive in consulting with thelocal communityincluding business groups, landholders andmedia.
To date, noadvice has beenreceived from theNSW government regardingthe progressof the renewal applicationsfor PELs 1 and 12.
Company personnel andadvisors conducted asite inspectionof theGunnedah Basintenements in July 2017. All surface infrastructureappeared to be ingood order and well maintained.
Auditors' independence declaration
A copy of the auditor's independencedeclaration as required undersection 307C of the Corporations Act 2001 isset out on page3.
CARBON MINERALS LIMITED A.B.N.29 001 836 586
DIRECTORS' REPORT (Continued)
Rounding of amounts
The companyhas relied onthe relief provided by ASIC Corporations(Rounding in Financial/Directors'Reports) Instrument 2016/191relating to the 'rounding off of amounts inthe directors' report andfinancial report. Amountsin the directors'report and financialreport have been rounded off tothe nearestdollarin accordance withthat instrument.
This report is made in accordance with a resolution ofdirectors.
7L
M.P. Lincoln Smit
Director
Sydney
1 September 2017
2
pwc Auditor's Independence DeclarationAslead auditor for the review of Carbon Minerals Limited for the half-year ended 30June 2017,I declare that to the best of my knowledge and belief, there have been:
no contraventions of the auditor independence requirements of the Corporations Act 2001in relation to the review; and
no contraventions of any applicable code of professional conduct in relation to the review.
This declaration is in respect of Carbon Minerals Limited and the entities it controlled during the period.
Partner
oft
Sydney
1September2017
PricewaterhouseCoopers
PricewaterhouseCoopers, ABN 52 780433 757
One International Towers Sydney, Watermans Quay, Barangaroo, GPO BOX 2650, SYDNEY NSW 2001 T: +61 2 8266 0000,F: +61 2 8266 9999,www.pwc.com.au
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Carbon Minerals Ltd. published this content on 01 September 2017 and is solely responsible for the information contained herein.
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