Proactive Investor's  Instablog

Cougar Energy (ASX: CXY) is in discussions with a number of parties regarding potential transactions for its two conventional coal assets in Queensland's coal rich Bowen and Surat basins.

These may include capital raisings, acquisitions of other coal assets and the development of underground coal gasification projects.

Interested parties include local and offshore entities

Cougar Energy has established both project and corporate data rooms and confidential due diligence investigations are advancing.

The company has appointed an external advisor to assist with the evaluation of proposals and to develop a strategy to progress a transaction to completion though it noted that it is unable to say whether any of the proposals will be transformed into an offer capable of being accepted.

Cougar's conventional coal assets - Wandoan and Mackenzie - are held under its Kandoman Resources subsidiary, which was established to unlock their value.

Wandoan and Mackenzie have a 360 million tonne JORC compliant thermal coal resource in the Surat Basin and a PCI coal asset with an exploration target of between 120 million and 170 million tonnes in the Bowen Basin respectively.

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