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Shares in Cougar Energy Limited (ASX:CXY) rose yesterday after the underground coal gasification company released a report detailing progress made on its Asian expansion.
Cougar launched its Asia strategy in October last year and began talks with officials from China, Mongolia and Indonesia to identify coal deposits suitable for development.
The company now advises it has been investigating the approvals process in each country and finalising a new corporate structure within which Asian projects will be developed.
In China Cougar has submitted a Feasibility Study Report on a proposed project and is working on the approval process.
Work is also continuing in Mongolia and Indonesia with views to study and develop potential underground coal gasification sites.
Shares in Cougar Energy closed 7.14 per cent higher yesterday at $0.015.
Cougar Energy recorded a net loss of $35.3 million in the 2011 financial year.
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