This will enable its shares to trade over the market until the launch of the IPO, which will raise between $US30 million and $US50 million. This will be followed by a full listing around the end of September on the Nasdaq or American Stock Exchange.
Planet is the brainchild of Sharif Oussa and a couple of norms - Norm Seckold and Norm Zillman. Oussa was involved with Sydney Gas and Zillman was the founding managing director for Queensland Gas - two early Australian CBM players. Norm Seckold is a well known resources player and chairman of Bolnisi Gold.
In the US, the company has secured acreage in Powder Basin, Wyoming, the heartland of the US CBM industry. In Australia, it has farm in agreements over 2 million hectares in the Gunnedah Basin, NSW, 400,000 hectares in the onshore Bass Basin, east of Melbourne, Victoria nd 400,000 hectares in the Otway Basin, Victoria.
It also has an option over 400,000 hectares in the Cooper Basin, South Australia.
The company will be based in Denver, Colorado.
