Traded as ASX: CXY Headquarters Spring Hill, Australia Type of business Publicly listed company | Industry Coal Founded 1994 | |
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Key people Rob Neill (CEO and Managing Director)
Len Walker (Executive Director and founder of Cougar Energy) Products Coal
Syngas
Electricity Website www.cougarenergy.com.au Stock price MRV (ASX) A$ 0.00 0.00 (-25.00%)7 Mar, 2:40 PM GMT+11 - Disclaimer Subsidiaries Cougar Energy UCG Pty Ltd | ||
Cougar energy on brink of liquidation
Cougar Energy Limited (former names: Pinnacle Mining NL and Pinnacle VRB Limited) is an Australian energy company specialized on underground coal gasification and electric power production by produced syngas. In addition to Australia, the company plans underground coal gasification projects in the United Kingdom, India, Pakistan, China, and Mongolia. Chief executive officer of the company is Rob Neill.
Contents
Cougar energy may face liquidation
History
The company was established in 1994 as Pinnacle Mining NL. On 5 June 1998 it changed its name to Pinnacle VRB Limited. In 2006, the company acquired Cougar Energy Pty Ltd. After merger, the company changed name to Cougar Energy Limited on 16 February 2007.
Operations
Cougar Energy has a licence agreement with Ergo Exergy Technologies for utilization of the underground coal gasification technology developed by Ergo Exergy. The main underground coal gasification pilot project developed by Cougar Energy is located near Kingaroy, Queensland. The first syngas at Kingaroy pilot plant was produced on 16 March 2010. When starting commercial scale production, the company plans to use produced gas at the proposed 400 MW Kingaroy Power Plant.
Other projects include the underground coal gasification plants at Wandoan, Queensland (the Surat Basin), and Latrobe Valley, Victoria, in Australia and at the Thar Coal Field in Pakistan. Cougar Energy has also signed memorandums of understanding with Essar Oil and Exploration for cooperation in India and with Inner Mongolia Qi De Investment Co. Ltd. for cooperation in China. Plans for its first commercial underground coal gasification project in Indonesia are progressing under an agreement with its strategic partner PT MedcoEnergi Mining. This will initially involve the development of a 30 megawatt power plant using UCG gas as feedstock.
Conventional coal assets situated in Bowen and Surat Basins are (subject to government approvals) to be placed in the wholly owned subsidiary Kandoman Resources. Kandoman Resources will hold Cougar's Wandoan and Mackenzie coal tenements in Queensland.
Incidents
On 16 July 2010, the Kingaroy pilot plant was temporary shut down after traces of benzene and toluene were detected in groundwater monitoring bores. However, the level of hydrocarbons in the water was 95% lower than Australian drinking water guidelines. Two readings analysed by the independent testing laboratory also proved to be false and provided incorrect results. Copies of these mistakes were contained in further independent reports provided by Cougar Energy to DERM who subsequently acknowledged and accepted the findings. Cougar Energy has initiated two legal actions in Queensland seeking damages for the closing down of the Kingaroy plant as well as orders to permit the re-opening of operations at the plant.