CRM - Carbon Minerals - Aussie Stock Forums

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  1. #1
    Sir Osisofliver's Avatar
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    Post CRM - Carbon Minerals

    Ok I've been looking but can't see any coverage of Carbon Minerals on here. If I'm a doofus and just can't use the search facility properly please delete this thread.

    If on the other hand this is the first time someone has raised this coal seam gas company... lets see what we think ladies and gentlemen.

    Good points.
    *In Bed with Eastern Star Gas to Explore and Develop the Gunnedah basin
    *Has some 7,500 square kilometres of tenements to the south and south west of Gunnedah.
    *Santos Farm-in to the tune of 40M - 3 wells have been started
    30% JV with Apex Energy in PEL 454

    Bad points,
    Stock looks tighter than a frog's bum
    Not a huge amount of cash on hand and may need to raise funds within the next six months

    I'd post a chart, but my laptop doesn't want to talk to me at present and MA6 is on the work comp, so I'll post one when I can get around to it.


    Sir O
    Want to help newbies and maybe learn something yourself? Check out http://www.aussiestockforums.com/for...ad.php?t=14370

  2. #2

    Default Re: CRM - Carbon Minerals

    I'm also quite curious about people's thoughts on this one. It looks like they've had some decent results from their core wells (if Grace reads this... I hope she'll add her thoughts).

    I overlaid ESG's depiction of where the CSG fairways in the area are with CRM's tenements (PEL1, PEL12). ESG's interpretation lines up nicely with CRM's tenements.

    In an overall sense:
    -Santos farm-in
    -Not a major O&G or CSG player
    -Good real estate in the Gunnedah basin
    -Some promising results in early drilling program

    Sounds a lot like Gunnedah Gas.

    Disclaimer: I hold CRM.

  3. #3

    Default Re: CRM - Carbon Minerals

    I probably should have elaborated on the Gunnedah Gas comment...

    Gunnedah Gas (private company, not traded) held three tenements in the area, two of which are adjacent to CRM's tenements. Santos was farmed in with them, but bought out 100% of the permits early this year. It flew under the radar because GG is a private company. Santos mentions it at the bottom of page 8 of their last quarterly report.

  4. #4

    Default Re: CRM - Carbon Minerals

    Just a quick look at this one for now. First drill stem testing looks fine. Permeability looks good at >100 millidarcies downwards. Methane content of >90% looks good. Can't fault it too much at this stage.

    Operator Santos advises that the Barneys Spring 1A corehole has been completed to a total depth of 594.6m in the Boggabri Volcanics, which are effective basement for the Early Permian coals in the Maules Creek Sub-Basin. This well is the second dedicated seam gas well in this east-dipping sub-basin which occupies the northeastern part of PEL 1 (Map).

    A total of 26 metres of coal was recorded in 21 seams between 237 and 502 metres, the thickest being 4.4 metres. No final gas desorption data are available as yet, but like the Stoney Creek #1 well, 12 km to the north, a degree of gas-undersaturation is evident, as expected.
    There are no permeability or gas composition data available as yet, but results are expected to be similar to Stoney Creek #1 (see ASX Quarterly Report to December 31, 2008), where seam permeability was high, ranging from >100 millidarcys to in excess of one darcy, and gas compositions were very good, typically >90% methane (to a maximum 99.5%).[/
    Slacksmith 1 looks okay in the Early Permian, but Lake Goran 1 could be hindered by igneous activity (ignite). Have not experienced that in QLD that I know of, so perhaps it is a bit of an experiment at this stage......

    Other comments welcome.....I'll keep an eye on this one!

  5. #5

    Default Re: CRM - Carbon Minerals

    Just would like to add some reseach on Goran 1 drill - in relation to igneous rock.

    The economic implications of igneous intrusions can be very considerable. If an igneous intrusion takes the form of a sill following a major coal seam, coal may be lost (cindered) over a wide area. Alteration to a higher rank directly affects the coal’s productive potential. While localised rank increases can occur as a direct and indirect result of these intrusions, the associated mineralisation or destruction of cleat surfaces can adversely affect coal seam gas quality and permeability.
    The other drills look okay, but this igneous rock is turning up in quite a few of Santos' drills in NSW I noticed. It is younger coal I think (my unscientific opinion) and I though high in sulpher (again my unscientific opinion).

    Comments welcome please.

  6. #6

    Default Re: CRM - Carbon Minerals

    A few of my observations on drilling so far:

    Slacksmith 1: 90m (!) gross coal, two thick seams of 11.6m late permian and 14.4m early permian. The early permian coals have the intrusion issue Grace mentions above.

    Lake Goran 1: Again, a decent seam of 8.8m, but again the intrusion issues.

    Glasserton 1: Hoskisson's seam 8.7m, exceeding 1 Darcy permeability. No intrusion problems noted.

    The drilling of the first well in PEL12 was 'imminent' after the last drilling report, for whatever that's worth.

  7. #7

    Default Re: CRM - Carbon Minerals

    A few more notes in the interest of keeping the thread alive...

    When I read the last annual report, it became pretty apparent why shares are so tight.

    -One director owns 81% of them.
    -The top 20 investors in the company own 92.5% of the total.
    -There are only 584 shareholders in total, of which 273 hold less than a marketable parcel of shares (whatever that means).

    With one person owning nearly all the shares, I suppose they will decide on an appropriate takeover price if (when IMO) that opportunity arises. Personally, I don't see this company ever attempting to operate their leases. The question is when Mr. Lincoln wants to cash in.

  8. #8

    Default Re: CRM - Carbon Minerals

    A couple of things in Santos' recent presentation that may be of interest...

    -Santos currently has 3 rigs on Santos-operated Gunnedah tenements, 15 of 23 coreholes drilled. This hopefully means more CRM drilling results soon.

    -New Santos reserve report due in early 2010. Presumably this would include maiden 3P reserves for CRM tenements.

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