Cougar to focus on 3 projects in RI
Friday, July 27 2012 - 06:05 AM WIB
ASX listed Cougar Energy Limited recently stated in its report submitted to the Australian Stock Exchange that its immediate focus is to bring its Underground Coal Gasification project strategy in Asia to realisation in the target countries of China, Mongolia and Indonesia.
Negotiations continue with local partners in each country to gain access to coal leases identified to develop potential Underground Coal Gasification projects for the generation of electricity.
In Indonesia following evaluations over recent months, Cougar Energy and its partner, PT Medco Energi Mining Internasional, have now focused in on three prospective project areas? two in Kalimantan and one in Sumatra. Other opportunities in the country continue to be brought to the partners, who are in the process of preparing formal agreements for progressing the existing opportunities.
The company also added that no exploration, development or production work was carried out during the quarter ending 30 June 2012 on its tenements in Australia.
The company said that during the reporting period, it was advised that its tenement at Wandoan MDLA 420 in Queensland has now been cleared to be registered as a Mineral Development Licence, which registration should be completed shortly.
As previously reported, the JORC resource is 341 million tons of coal (34 million tons indicated and 307 million tons inferred).
Cougar is said to consider the potential divestment of non-strategic tenement assets in Australia.
Preparation of Cougar Energy?s two court actions in Queensland, seeking damages as well overturning the orders of closing down the Kingaroy site, is continuing.
As stated in the submission to the ASX on 24 July 2012, Rob Neill will join the Company as Chief Executive Officer and Managing Director on 6 August 2012. He will also be invited to join the Company?s Board on that day.
Editing by Er Audy zandri