Purni Coal Project Final surrender report for the period 1 September 2015 to the 24 November 2015

Abstract

During the current reporting period to the 24 November 2015, no on site exploration activity was undertaken on any of the 16 exploration licences. The new owners of Merlin Coal Pty Ltd were focussed on the targeting and delineation of the coal measures within 500 metres from surface at the PCP by trying to attract an Asian Joint Venture partner to fund ongoing exploration work. An exploration program was being developed to currently assess the value of drilling further holes within the project area and/or undertake additional seismic surveys to infill between the existing 2D seismic lines to improve the structural interpretation in these areas and reduce subsurface uncertainties. However, current world commodity market conditions have made it increasingly difficult for Merlin Coal to secure and finalise an Asian Joint Venture partner to fund ongoing exploration and development work for the PCP, and hence Merlin Coal surrendered all its exploration licences before finalising any future exploration plans.