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Analyst Reports

APP Securities Company Research - Update
"Carbon Energy has announced it has refinanced its $10m convertible note and established a sound foundation for future growth. This technology has globally significant ramifications. We are retaining our 12 month price target of A$0.09.
APP Securities Company Research - Update
“The initial capitalisation payment for the JV shores up some of our forecast revenue and earnings.
Given our revised valuation and price target of $0.09 per share still, significantly exceeds the current share price our Speculative Buy recommendation remains.”
APP Securities Research - Update
“We think this endorsement [from the Queensland Chief Scientist], specific to CNX’s keyseam technology, from such a high level Govt source can only enhance the company’s credibility in commercialising its CSIRO developed technology.” Target price A$0.09
APP Securities Company Research
The registration of the JinHong China JV is a further concrete step in the development of CNX’s China technology licence roll out strategy and provides further impetus to our positive stance on the stock.  Given our revised valuation and price target still significantly exceeds current share price our Speculative Buy recommendation remains. Target Price A$0.09
APP Securities Company Research - Update
Given our revised valuation and price target still significantly exceeds current share price our Speculative Buy recommendation remains.  Target Price A$0.09
APP Securities Company Research
CNX is a resource technology company based in QLD focused on development of its keyseam underground coal gasification (UCG) technology (as developed with CSIRO). It is the only company so far to successfully complete a full life cycle UCG trial under independent environmental control.

We have determined a valuation of $0.23/share based on the successful rollout of the companies licensing model in mainland China, coupled with the inherent value of the companies existing technology.
Patersons Research Note - Carbon Energy
GROWING POTENTIAL TO  ADDRESS FUTURE GAS SHORTAGES
"Carbon Energy (CNX) is a global leader in underground coal gasification (UCG).  It has gone through a directional change over the last 6-12 months where development of a full scale commercial facility in Queensland has gathered pace..."
Patersons Investor Update
“This is a significant development as it has more than doubled the Company’s gas Reserves making it the fifth largest 2P gas Reserve in Queensland.”
Edison Investment Research - Carbon Energy
"This technology is globally significant and offers the potential to diversify sources of gas and ameliorate supply shortages."
Patersons Research Report - Carbon Energy
 "We continue to believe that the success of this first panel will be a company-making event..."