This reflects the company's focus on progressing its conventional coal assets - particularly the Mackenzie PCI Project in Queensland's Bowen Basin - and away from developing underground coal gasification projects.
At a later stage as economic conditions improve, there remains potential to progress its thermal projects in the Queensland's Surat Basin.
It added that is current name is strongly linked to UCG and may be disadvantageous for attracting and retaining the support of investors in the future.
The Company is confident that the proposed name change to Moreton Resources Ltd will signal to investors that the Company is moving forward from the legacy issues associated with UCG and will also more closely align the company to its Queensland base and strategic direction.
It also reflects the recent work by the board and management to strengthen the position of the company, increase the coal inventory and improve its financial flexibility.
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