Bandanna Energy Limited (ASX:BND) Update On Strategic Review

As previously announced, Bandanna Energy Limited (ASX:BND) is undertaking a transaction process to address the outcomes of the strategic review conducted earlier in the year.

A number of non-binding indicative bids have now been received. Bandanna has reviewed these bids and, in conjunction with its advisors UBS (NYSE:UBS), has selected a shortlist of parties to progress to a second stage of the transaction process which will involve detailed due diligence.

Second stage proponents have variously expressed interests in both individual project assets and corporate based transactions.

The second stage of the process is expected to take a number of months and may or may not result in a proposal being made or recommended by the Board.

About Bandanna Energy Limited

Bandanna Energy Limited (ASX:BND) is uniquely positioned to become Australia's next coal producer. The company's core activities are exploration, project evaluation and development of thermal and PCI coal assets located in Queensland, Australia.

Bandanna Energy is the only ASX listed company with substantial coal assets in both the Bowen and Galilee basins subject to EIS and advanced mine studies. The company is committed to working constructively with the communities in which it operates, and delivering growing returns to shareholders, government and the community.

Bandanna Energy's Springsure Creek underground thermal coal project is scheduled to commence production in mid-2015. Bandanna is a 14% shareholder in Wiggins Island Coal Export Terminal (WICET) Stage 1 at Gladstone, with port allocation of 4Mtpa for the Springsure Creek Project, and has also secured the necessary infrastructure capacity for the integrated rail haulage of coal from the Springsure Creek Project to port.

 

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