Edd that's my understanding also that len is doing UCG in Asia but not with Cougar. Looking at the recent presentation it appears that UCG is no longer being actively pursued by Cougar which is not surprising given the previous announcement re China and Mongolia and no Len. On the Indonesian front if you follow Medco and CSG then I would not be convinced UCG will go anywhere with them anyway.
So it is beginning to look like we are a coal resource company that is doing the bear minimum of drilling on limited asset. I hope I am wrong but I am not convinced that potential investors who are prepared to put money on the table will play along with the current strategy and likely any sale price would be somewhat lower (may be significantly lower) than the original blue sky numbers put out by Cougar. Coal for underground mining is different than surface mining and JORC resource means its there but not a lot else.
It would be good if the Board could at least confirm we are now a resource company rather than an energy company as likely a very difference investor base.
CXY Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
