Carbon Minerals Limited is an Australia-based company that is engaged in the exploration of natural resources in the Commonwealth of Australia. The Company’s segments include Natural Resources exploration and Primary production. The Company holds Petroleum Exploration Licenses 1 and 12 in Gunnedah Basin Coal-Seam-Gas Project, located in New South Wales. These tenements are jointly held by the Company’s subsidiary, Australian Coalbed Methane Pty Limited (ACM) and Santos QNT Pty Ltd (Santos). ACM holds a 35% interest in the titles and Santos holds the remaining 65%. The Company’s exploration is carried out under a joint venture arrangement, with Santos being the project operator.