three horse race, page-7

I attended the AGM and found the tone of Malcolm McAully's and Len Walker's presentations to be confident and upbeat, whilst not raising unreasonable expectations. Also agree with the sentiments of Boz and Guru Bob, who also attended the AGM.

Cougar's overall three horse race analogy seems a good one, with management holding the view that UCG projects in Mongolia, China (including Inner Mongolia) and Indonesia all have their unique merits, and that they would bring significant green energy benefits to all three countries. Stretching the analogy a little further, there might even be a separate two horse race developing in North Asia, with my own hunch being that Mongolia could be the dark horse here. Cougar is negotiating directly with the Mongolian Central Government, and I wouldn't be all that surprised that if in the name of friendly competition Mongolia decided that they would run with UCG ahead of their neighbours in Inner Mongolia.