Cougar Energy (ASX: CXY) is one step closer to becoming a truly diversified energy company as it today outlined plans for its maiden JORC drilling program at its Mackenzie PCI coal tenement (EPC 1445) in Queensland's Bowen Basin.
The Mackenzie tenement has an exploration target of 120-170 Mt and is adjacent to the Jellinbah (NYSE:PCI) and Yarrabee (PCI and Thermal) coal mines.
Cougar Energy CEO and managing director Rob Neill says he expects to have the maiden JORC report issued within the next 90 days subject to completion of the drilling program.
"Our immediate focus is the seven hole drilling program for Mackenzie to generate the JORC resource to validate the asset. We see this as an important driver for the expected uplift in value," Neill said.
"We have done a significant amount of pre-work on the preparation for this drilling program over the last couple of months," he said.
The Cougar Energy CEO said the team had worked hard over the past few months to reposition the company profile and enhance the Cougar Energy brand and open up the company to different levels of investment.
Neill said the confidential "without prejudice" discussions continue with the Queensland Government over its stalled Kingaroy UCG project, as per the company's announcement at the end of January, 2013.
In respect of UCG in Asia, Neill said the company continues to work with MedcoEnergi in Indonesia and Hulaan Corporation in Mongolia on progressing various UCG opportunities in those countries.
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