20 November 2018

ASX Market Announcements Platform Australian Securities Exchange

20 Bridge Street

Sydney NSW 2000

FOR ASX MARKET RELEASE

Closure of Share Purchase Plan (SPP) Offer

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 7776www.carbonenergy.com.au Carbon Energy Limited

ABN 56 057 552 137

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

On 2 October 2018, Carbon Energy Limited (ASX: CNX) (Carbon Energy or Company) announced an SPP Offer to eligible shareholders for the Company to raise up to circa $1.5 million.

Following SPP applications received from eligible shareholders, SPP funds received total $280,820 before SPP Offer costs. Carbon Energy's Board has decided to close the SPP Offer.

As the Company received insufficient SPP proceeds to meet the use of funds announced on 2 October 2018, all SPP application funds received to date will be refunded to eligible shareholders.

Carbon Energy further advises that discussions continue on Carbon Energy earning income by providing technical services and support for proposed UCG projects in South Africa, including the establishment of a strategic partnership with a private South African corporation.

Carbon Energy thanks its shareholders for their continued support.

Further information

If you have any questions about the SPP Offer, please contact the information line on 1800 992 039 (within Australia) or +61 1800 992 039 (outside Australia) between 8:30am and 5:30pm (Sydney time), Monday to Friday.

For and on behalf of the Board

ENDS

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Carbon Energy Limited published this content on 20 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 November 2018 22:43:02 UTC