The Company is focused on its two open cut opportunites at Arturus and Dingo West, both of which it holds 100%. These are thermal and PCI/thermal projects respectively, located close to or on existing rail-infrastructure.
In addition AMCI is farming into the Alpha Project where it can earn up to a 50% interest by expending up to $25 million. Bandanna will retain the remaining 50%. Already a maiden resource statement has provided the Joint Venture with 922 Mt of JORC Infered Resource and 60 Mt of JORC Indicated Resource.
In the Dingo West Project area Macarthur Coal funded the drilling of over 20,000 m of drilling under the terms of a previous farmin agreement involving an expenditure of $6.65 million. Bandanna now holds the tenement 100% and is undertaking conceptual mine development studies for a 0.5 Mtpa - 1.0 Mtpa ROM PCI/thermal product.
Exploration activity in the Company’s oil and gas interests are largely focused on its southwestern Queensland and Patchawarra Trough areas in the Cooper Basin. A small seismic survey was recorded in ATP 539 as part of a farmin obligation. Based on this survey the Company partially funded the drilling of Planet Downs-1 well, which although encountering significant shows, was plugged and abandoned in early 2009.