Bankers behind new CBM play

It is a common expression to describe ones pride and joy - either the house, boat or the car - as being 'owned by the bank' when it is under mortgage and one is facing the grind of repayments.

One of the newest entrants onto the coal bed methane playing field literally is owned by the bank. 90% of the register of CH4 Pty Ltd, a Queensland-based firm, is held by one of the sharpest investment banks in the country - Macquarie Bank. The other 10% is held by a private investor.

CH4 plan to drill shallow, 800 metre long horizontal wells along Northern Bowen Basin coal seams, in PL 191, immediately north of Moranbah. This area has been excised from CH4's 8,100 square kilometre exploration lease, ATP364P.

The general manager is Dave Matthews and is based in the operational office in Spring Hill, Queensland, while director David Wrench, of Macquarie Bank, is based in Sydney.

Wrench said CH4 was confident of playing a major role in the future of the Queensland energy market given the massive size of the resource and its strategic location in North Queensland between the important Townsville market and the rapidly growing Gladstone and Rockhampton markets.

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