10 September 2007 NEW FOCUS ON VICTORIAN BROWN COALS FOR POTENTIAL UNDERGROUND COAL GASIFICATION Cougar Energy Ltd (ASX Code: CXY) is to investigate the potential for applying the Underground Coal Gasification (UCG) process to Victorian brown coal resources under a Memorandum of Understanding (MoU) with Victoria Coal Resources Pty Ltd (“VCR”) announced today.
The MoU will remain in place for one year with a 12 month extension by mutual agreement of the parties. In the event that Cougar Energy gives notice that the potential for a UCG project exists in Designated Areas within EL4416, the parties will form a 50:50 Joint Venture to pursue its development.
I guess we should hear sometyhing in the next two days....so it's quite probable todays volume is in anticipation of the upcoming announcement
CXY Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
