Cougar Energy signs Mongolian UCG agreement with Hulaan Coal Corporation - Proactiveinvestors (AU): "Cougar Energy’s (ASX: CXY) expanding Asian Strategy has borne early fruit with a Memorandum of Understanding reached with Mongolia focused Hulaan Coal Corporation for a potential underground coal gasification (UCG) project.
The MoU allows Cougar to undertake due diligence on Hulaan’s coal resources and those under its direct management in Mongolia, and assess their potential for UCG development.
“Once a suitable coal resource is identified, we will negotiate the terms under which a subsequent UCG project could be developed. We have already discussed a broad outline of such terms and look forward to a long and prosperous relationship with Hulaan,” Cougar managing director Rob Neill said.
Cougar has already undertaken a preliminary review of two coal areas with a combined resource in excess of 500 million tonnes of thermal coal.
“Much of this coal is deeper than 150 metres and subject to further analysis, is likely to be suitable for UCG. The potential for any such project will be clarified as a result of the due diligence process,” Neill added."
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