Geo Energy hits coal reserves threshold; purchase of outstanding notes not needed

Singapore

GEO Energy Resources has reached the minimum threshold for its coal reserves, and will not have to make a mandatory offer to purchase US$59.2 million worth of outstanding 8 per cent senior notes.

In a bourse filing on Wednesday evening, the mainboard-listed company said that it has 86.4 million tonnes of coal reserves in its two Indonesian mining concessions, Sungai Danau Jaya (SDJ) and Tanah Bumbu Resources (TBR), as at end-October.