Starting with the heavily over-subscribed $15 million IPO in March, he said land acquisitions in the US resulted in a 400% increase in acreage and near term CBM production opportunities.

It also chalked up the completion of 20 wells by 2 joint venture partners at the East Esponda project for additional near term CBM production.

Planet also booked its first CBM production from the Oriva Throne project in addition to drilling around 15 stratigraphic holes on other acreage.

In Australia an 18-hole stratigraphic drilling program in the Gippsland region had also commenced.

“The board intends to aggressively pursue further acquisitions of near term production assets and to develop the company's existing projects to production as rapidly as possible, particularly in the USA where CBM is sold at a multiple of the prevailing price in Australia, while capital and operating costs are comparable and pipeline infrastructure is significantly superior,” said Seckold in a company statement.

“2005 will be a year in which we drill a substantial number of future gas producing wells. This will be the foundation for the company’s future prosperity.”