CNX started their trial burn on 8/10/08 and over the next three...

CNX started their trial burn on 8/10/08 and over the next three weeks the sp ground down from 76c to 63c. Near enough to 18 months has sinced passed and todays closing price was 51c.

LNC produced first syngas at Chinchilla on 3/9/07 and the sp was essentially stagnant for 5 weeks. Several gasifiers later LNC produced first liquids from the demo GTL plant on 14/10/08 the sp fell from 414c to 370c and has never been topped since. Near enough to 18 months has since past and todays's closing sp was 156.5c.

The sp's of LNC and CNX reflect to some degree the effects of the GFC and to some degree delayed progress.

A similar fate awaits CXY if they fail to deliver. However if they do deliver on syngas quality/quantity/procees control, Kingaroy will be the ucg field of dreams and interest will appear out of the cornfields.

The significant upside I see in Cougar at present is that they do have a viable commercial project to leverage into within a reasonable timescale following the pre-production burn and they have a number of emerging projects to leverage into after that.

A lot is riding on this burn but all recent and current Company actions are suggest there is confidence in succeeding.

Dex