Poyndexter, it is not often but once again you and I agree. For some reason I was under the assumption that GLX was getting its Syngas from UCG. I will admit that I had a small holding in GLX but I am now out. CTL using above ground gasification requires massive amount of capital expenditure, in the order of $2 billion and consume massive amounts of energy to run. The above ground gasification plant makes up about 70% of that $2 billion. GLX has $3 million, so that only leaves $1,997,000,000. Also, the US DOE says that converting Coal into Synthetic liquid fuels using above ground gasification produces about 118% more GHG than refining conventional oil. Have a look at the following article and click on the graph:
http://www.nytimes.com/2007/05/29/business/29coal.html?_r=1&oref=slogin
If they use UCG there are significant cost and GHG savings. In GLX's favour they have a significant coal reserve. If GLX changes its tune to UCG I will be back.
GLX
gulfx ltd
