waiting, page-3

"banron=are we just waiting on court case whatever happened to the rest of there business why no progress overseas seem very strange no announcements I made the decision to hold but this silence is not right is the court case the only thing they can offer us will we ever move forward from here"


Objectively there is no time frame here, CXY's feasibility studies, and negotiations will only move as fast as Indonesia want them to. CleanCoal UK and Sasol also have MOU's with Indonesia although the latter relates to GTL.

Frankly MOU's IMo aren't worth the paper that they are written on, they only really declare that a company is in talks, feasibility studies etc. What counts is a signed deal.

Just ask any holder from Linc Energy (LNC) about that and their MOU's over the years.

What cash is needed to progress over there I don't know.

As for the Kandoman Resource Project, that will take some extensive time and of course money. In the last presentation there was a caveat -

"Cougar Energy's mine planning 'concepts' for Kandoman Resources as outlined herein are subject to delineation of required coal resources, timely delivered 3rd parties of proposed rail and port capacity expansions, capital availability, approval and compliance within all relevant regulatory frameworks, financial feasibility and 'other' key inputs."

So if one starts at the top of that, CXY will need to clarify the total JORC, this will require more drilling and the money to do so. Then there is the upgrading and expansion of nearby infrastructure by third parties to be completed. After which the fiscal situation will need to be addressed to proceed along with all necessary government approvals, and of course an Environmental Impact Statement (EIS) which also takes time. Then there is the financial feasibility (costs, supply needs, what coal is selling for etc) then we move on to 'other key inputs'.

In short this may require some considerable money from CXY and a JV partner at this point in time IMO. Should all go smoothly and all hurdles are jumped then CXY may see some mining towards the end of the decade.

As for the UCG side, a win over the QLD Gov. and vindication of their processes, not to mention a reasonable cash compensation may not necessarily be crucial to the Indonesia project, but IMO it won't do any harm whatsoever. Such success would certainly enhance CXY's fiscal position to say the least and may delay a CR in the shorter term.

I have entered a buy order down the list, not as a speculative potential overnight profit maker or turn around, but as a medium term speculative bet. At the moment all one can really say is that CXY is a high risk, high reward punt. IMO Probabilities of success or failure (going belly up) are anyone's guess. Hindsight will be the only certainty here.

Good luck with your own decisions and have a merry xmas.