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Market: ASX
Sector: Oil and Gas Exploration and Production
Epic: ASX:CXY
News: Latest news
Web Site: Cougar Energy
Other Articles: 20-11-200928-08-200927-08-2009

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Cougar Energy

Cougar Energy

Cougar Energy specialises in underground coal gasification(UCG) and electricity generation.
Friday, November 20, 2009

Cougar Energy receives Pakistan Government approval for exploration licence

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Cougar Energy (ASX: CXY) - with the ongoing focus of successfully progressing its Queensland UCG Power project – has been granted an Exploration Licence through its subsidiary for the Thar Coal Block III in the east of Sindh Province in Pakistan.

The announcement by Cougar Energy was made to inform shareholders of the progress of its 47.8% owned subsidiary, Cougar Energy UK, which advises that it has been granted an Licence by the Government of Sindh in Pakistan.

The Licence of 47.3 square km covers an area of coal which potentially is suited to the development of an Underground Coal Gasification (UCG) project for much-needed power generation in the region.

It is located within Block III, in which the Geological Survey of Pakistan had previously drilled 41 holes at approximately 1km spacing, all of which intersected coal seams varying in thickness from 8m to 23m, at depths ranging from 115m to 205m.

The holes, of which 27 lie within the Licence area, were cored and geophysically logged, and the data has been compiled and reviewed, and is considered to be insufficient to meet JORC standards of resource definition.

As a result, a drilling program is currently being planned to establish an initial JORC resource in the range 100 – 200 million tonnes.

Cougar UK also advises that it has signed an MOU forming a partnership with two financial institutions, based in Karachi and Munich respectively, to assist in arranging the project financing.

Cougar Energy managing director Len Walker said the support of the institutions would minimize any financial exposure of Cougar UK in Pakistan and allowed the company to focus on delivering the required project.

Cougar UK is meeting its current financial requirements for the project with funds from a successful GBP100,000 rights issue which was fully subscribed by all shareholders.

The company is also investigating a number of possible project opportunities in Europe.

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