Cougar Energy also plans to use the funds raised to advance the assessment of its interest in EL 4416 in Victoria, which is subject to a proposed 50:50 Joint Venture with the tenement holder, Victoria Coal Resources Pty Ltd. This lease contains vast quantities of brown coal established from previous drilling. A preliminary evaluation of all existing drilling data from the Victorian project is being undertaken to determine the resource potential on the lease for possible application of the UCG process, and is nearing completion. Should this review prove positive, the Company will be in a position to meet its financial share of any planned drilling campaign. The Company views this project as an extremely exciting addition to its activities.
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