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

Bandanna Energy Limited (ASX:BND) is aware of further recent media speculation concerning the process which Bandanna Energy Limited previously announced to address the outcomes of the strategic review conducted earlier in the year.

As released to the market on 14 July 2011 Bandanna, in conjunction with its advisors UBS (NYSE:UBS), invited a short-list of parties to progress through a second stage of the process. This involved management presentations and detailed due diligence.

Second stage proponents expressed interest in both individual project assets and corporate based transactions. Bandanna is now in discussion with several proponents. This may, or may not, result in a proposal being made or recommended by the Board.

The market will be advised of any such board recommendations and the outcome of the process, as appropriate.

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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