LINC Energy is committed to the sale of its Teresa coal tenement north of Emerald.
The company's annual report stated it had spent $9 million on exploration drilling in 2011-12.
"This current drill program will more than double the information we currently know about the Teresa coal property, and add a lot of overall value to the project," the report stated.
"Mine infrastructure discussions continue to progress to schedule with providers of port, rail, power, water and accommodation."
The Teresa project is in its environmental impact study phase.
Linc Energy stands to earn $2 a tonne in royalties from its sale of the Carmichael coal tenement, north-west of Clermont, to Indian powerhouse Adani Group.
The price, indexed to CPI, is fixed over the first 20 years of production with the potential to produce 60 million tonnes of coal a year.
Linc has secured a $120 million line of credit with Fortress Investment Group using its Adani royalties and the Teresa tenement as secure assets.
The Carmichael tenement sale funded Linc's core business of clean energy and the purchase of oil and gas assets.
Join the Community.
Get your local news, your way.
Update your news preferences and get the latest news delivered to your inbox.