News: Cougar shares jump on Asian expansion

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Shares in Cougar Energy Limited (ASX:CXY) jumped yesterday after the underground coal gasification company said it had launched a development plan in Indonesia.

Cougar has inked a Memorandum of Understanding with an Indonesian mining company, PT Medco Energi Mining International (MedcoEnergi), to assess and identify coal deposits in Indonesia.

Cougar will evaluate if the deposits are suitable for application of underground coal gasification technology and undertake preliminary study for their commercial development.



The company’s focus on Asia was detailed last month when managing director, Len Walker, told shareholders Cougar is in talks with officials from China, Mongolia and Indonesia to access coal deposits suitable for development.



Shares in Cougar Energy closed 12.5 per cent higher yesterday at $0.018.



Cougar Energy recorded a net loss of $35.27 million in fiscal 2011.