Coal seam gas miner L&M Energy Ltd said that at the end
of the June quarter it had $1.4 million dollars of cash
available for an ambitious work programme.
However, as a result of the private share placement its cash
position has improved to $8 million of cash available.
In the next quarter the company intends to offer existing
shareholders the opportunity to increase their investment in
the company via participation in a share purchase plan.
The company is continuing to appraise its two western
Southland basin permit areas, and is drilling in its Ohai
permit area to further certifying coal seam gas reserves.
It is assessing the feasibility of establishing a power
generation facility at the Ohai pilot project.
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