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Carbon Energy

Published : August 23rd, 2016

Carbon Energy announces CEO appointment

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Carbon Energy announces CEO appointment

ASX / Media Announcement

23 August 2016

Carbon Energy announces CEO appointment

Level 9, 301 Coronation Drive, Milton QLD 4064 Australia

PO Box 2118, Toowong DC QLD 4066 Australia

phone + 61 (0) 7 3156 7777

fax + 61 (0) 7 3156 7776

www.carbonenergy.com.au

Carbon Energy Limited ABN 56 057 552 137

Carbon Energy (Operations) Pty Ltd ABN 61 105 176 967

The Board of Carbon Energy Limited (ASX: CNX, OTCQX: CNXAY) is pleased to announce the appointment of Mr Kerry Parker to the position of Chief Executive Officer & Managing Director.

Kerry is a well regarded executive with a 20 year history of significant contribution to junior resources companies, having held Chief Financial Officer and Managing Director roles in various unlisted and ASX listed resource companies, including those engaged in the energy business. He has had significant experience in the management of Joint Ventures through CH4 Gas, Arrow Energy, Panax Geothermal, Inova Resources, Discovery Metals and Unity Mining across Australia, India, China, Indonesia, Botswana and Vietnam.

He is a Chartered Accountant by profession.

"We are delighted to welcome Kerry to the leadership role in Carbon Energy" said Chairman, Dr Chris Rawlings. "His experience, energy and drive will propel the Company to the next stage of its development", he added

Mr Parker said he was delighted to be appointed Chief Executive Officer and Managing Director of Carbon Energy.

"I look forward to leading Carbon Energy into the next stage of its development and growth through the use of its proprietary keyseam UCG technology in China and other jurisdictions.

The appointment becomes effective as of 1 September 2016.

ENDS

For and on behalf of the Board

Dr Chris Rawlings Chairman of the Board

Summary of key terms: Appointment:

The appointment is to the position of Chief Executive Officer and Managing Director of Carbon Energy Limited. He will be appointed to the board of directors of Carbon Energy Limited.

Term:

Mr Parker will commence in the position on 1 September 2016 and is appointed for an initial term of 3 years with a 2 year extension option and subject to termination by either party (see below).

Remuneration:

  • Total Fixed Remuneration: Mr Parker will be paid a fixed cash remuneration in the form of a Total Fixed Remuneration (TFR) package (inclusive of super) subject to annual review. His TFR will initially be $315,000.

  • Short Term Incentive: Mr Parker will be entitled to a maximum potential short-term incentive of 30% of his base salary per annum. Payout of any performance bonus is at the discretion of the Board and meeting performance targets and priorities set by the Board in consultation with Mr Parker.

  • Long Term Incentive: Mr Parker will be entitled to participate in the Carbon Energy executive long-term incentive scheme in accordance with the rules of the schemes and any applicable Carbon Energy policy. Mr Parker will be entitled to a total long- term incentive grant.

  • Subject to Shareholder approval at the next AGM, performance rights in Carbon Energy will be issued to Mr Parker equivalent to 180% of his TFR. The performance rights will be split into three tranches of equal quantum (i.e. 60% of TFR) subject to the following vesting conditions to be determined as at the relevant Vesting Determination Date as follows:

    Tranche

    Vesting Condition

    Vesting Determination Date

    1

    Successful ignition of the Jinhong JV Demonstration Project and the issue of an exclusive licence being granted to the Joint Venture.

    30 June 2017

    2

    Securing at least one third party Licencing and Technical Services Agreement with a significant up front cash component.

    30 June 2018

    3

    Securing one more third party Licencing and Technical Services Agreement with a significant up front cash component.

    30 June 2019

    2

    www.carbonenergy.com.au

    Upon Vesting, each Performance Right shall confer a right, upon exercise, to receive one Carbon Energy Limited share.

    The Performance Rights are granted to Mr Parker for nil cash consideration. The Expiry Date of each Performance Right will be 5 years after the vesting date.

    Termination:

    The employment agreement may be terminated as described below:

  • Resignation by Mr Parker with six months notice.

  • Termination by Carbon Energy Limited with 6 months notice. In addition to accrued legal entitlements (such as accrued salary and annual leave up to termination), a severance payment of all accrued short and long term incentive payments.

3

www.carbonenergy.com.au

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Carbon Energy

EXPLORATION STAGE
CODE : CNX.AX
ISIN : AU000000MEE2
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Carbon Energy is a gold and uranium exploration company based in .

Carbon Energy holds various exploration projects in Australia.

Its main exploration properties are NYANG, LAVERTON JV, ROE (KALGOORLIE REGION), MT CRAWFORD (LEJV) and MT CRAWFORD GOLD PROJECT in Australia.

Carbon Energy is listed in Australia and in Germany. Its market capitalisation is AU$ 134.2 millions as of today (US$ 90.3 millions, € 81.7 millions).

Its stock quote reached its lowest recent point on April 22, 2016 at AU$ 0.01, and its highest recent level on July 28, 2017 at AU$ 1.01.

Carbon Energy has 1 813 430 016 shares outstanding.

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8/30/2016Appendix 3B & Cleansing Notice for Issue of Interest Shares
7/23/2013Signs MOU for UCG Project in Argentina
Corporate news of Carbon Energy
7/26/2016Appointment of Interim Executive Chairman
7/24/2016CNX Technology validated by Queenslands Chief Scientist
7/7/2016Change of Director's Interest Notice
7/7/2016Replacement Appendix 3B
6/23/2016Option Expiry Notice - Waiver
6/22/2016Carbon Energy signs MOU for renewable energy project
6/8/2016CEO transition for Carbon Energy
5/6/2016Summa Action Dismissed from United States District Court
4/29/2016Quarterly Activities Report & Appendix 5B
4/28/2016CNX to play key role in Chinese UCG Research Centre
4/19/2016Response to Qld Government Anti-Innovation Decision
4/18/2016 Response to Qld Government announcement on UCG industry
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4/11/2016Carbon Energy raises $3.48 million under the rights issue
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4/6/2016Trading Halt
4/3/2016Rights Issue Closing
3/21/2016Notice to Ineligible security holders
3/21/2016Renounceable Rights Issue - Despatch of Information Booklet
3/21/2016Shareholder Information Session - Presentation
10/29/2015Notice of 2015 Annual General Meeting/Proxy form
10/16/2015Change in substantial holding
10/7/2015Cleansing Notice & Appendix 3B
10/1/2015Carbon Energy Confirms $2M Remitted by Cornerstone Investor
9/29/2015Company Secretary Appointment/Resignation
9/27/2015CNX Secures Funding & JV Partner for China Gas Business
8/28/2015Appendix 3B
8/25/2015First Rehabilitation Progress Report & Further Sampling
8/11/2015Carbon Energy Receives $2.5m Tax Incentive Cash Rebate
7/31/20152015 Annual Report & Corporate Governance Statement
7/31/2015June 2015 Quarterly Activities Report & Appendix 5B
3/2/2015Cleansing Notice & Appendix 3B
2/17/2015CNX Half Yearly Report December 2014
1/30/2015Top U.S. Coal Producers Up; India Sells $3.6 Billion Stake I...
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12/9/2014Chairman Recognised for Contribution to Resources Sector
11/26/2014Change of Independent Status of Director
11/20/2014Results of 2014 Annual General Meeting
11/17/2014Response to ASX Price Query
10/23/2014Carbon Energy Webcast
10/21/2014Blue Gum Gas Project Positioned for Commercialisation
10/16/2014Independent Valuation of Carbon Energy's Gas Assets
3/18/2014Critical Samples Collected at Bloodwood Creek Site
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2/17/2014Substantial Completion of Inner Mongolia Packages
4/11/2013Shareholder Update
10/31/2012letter November 2012
6/6/2012letter June 2012
8/17/2010Environmental Approval Obtained for UCG Project in Chile
12/17/2008Underground Coal Gasification Trial Update
7/15/2008Change of Name to Carbon Energy Limited
5/19/2008Completes Further A$22M Capital Raising to Fund Landmark UCG...
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