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CXY - Cougar Energy

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let me guess profitman.. you've gone short right?

I don't think anyone here is naive enough to think this is gonna be selling elec. overnight. But the successful ignition is a milestone nonetheless, increasing confidence in the long term viability.

As for the coal deposit suitability - I'd be fairly certain that the team CXY has is capable of assessing the suitability. If they can't do it - with ergo on board - then nobody can!

... PS... re offtake agreements... there appears to be some interest from some insignificant, unknown Qld electrical mob .... this from http://www.cougarenergy.com.au/pdf/ASX_Announcement_Agreement_with_Ergon_Energy.pdf

Cougar and Ergon working together on potential off-take of electricity in Cougar’s pre-production phase via Ergon Energy as well as transmission line configurations for the life of the Kingaroy project
Click to expand...

Generally - she certainly took a hit yesterday - I guess that was those short term holders/traders (or maybe just 'profitman'!) bailing out after the news, as tends to happen.
 

Profitman....with a little research one would know the coal seam has been through the testing phase to determine it's suitability......they do know what they are doing.
 
birdmanz said:
Profitman....with a little research one would know the coal seam has been through the testing phase to determine it's suitability......they do know what they are doing.
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Give me a call when they have a commercial UCG Field - BTW how may Wells does it take to get a commercial field producing sellable Syngas??? Research...research ....research!!!
 
profitmann said:
Give me a call when they have a commercial UCG Field - BTW how may Wells does it take to get a commercial field producing sellable Syngas??? Research...research ....research!!!
Click to expand...

So.. profitmann - instead of turning up and bagging everything about CXY or UCG for whatever reason - how about adding something useful to the discussion and sharing your obviously vast knowledge of everything about everything !...... and tell us how many wells you think they will need?
 
Originally Posted by profitmann

Give me a call when they have a commercial UCG Field - BTW how may Wells does it take to get a commercial field producing sellable Syngas??? Research...research ....research!!!
Click to expand...

Originally Posted by profitmann

Give me a call when they have a commercial UCG Field - BTW how may Wells does it take to get a commercial field producing sellable Syngas??? Research...research ....research!!!
Click to expand...


Well put Dukey! 4 Post Profitmann and not a positive comment to be found in any of them. If you take Profitmanns advice LNC is doomed as well. I'm tipping profitmann hasn't been too profitable lately and needs to vent his frustration somewhere. How about a positive story profitmann like what would you suggest to invest in or trade to make a dollar and why?
 

These new energy plays are not good for the heart and not real businesses yet. Get in on the upcoming Mastermyne Float - solid business, aligned to the resources sector which is humming along again and some solid contracts in place securing revenue. They actually make money as well. Listing at $1.00 so upside IMO. Keep your eye on another upcoming float out of the US (Houston TX) - Oil & Gas Farm In Play - "Maverick Drilling Servcies". Local Chairman and Director to go with 30+ year veterans in the Texas Oil game. Should list sub $0.50c with good Farm In prospects in US & Aus and some nice Oil reserves in the bag. Add some nice drilling services, oil already flowing in the US and it all adds up as a good play in my assessment. Prospectus out soon with listing in May 10. There you go some real businesses with real revenue and real profits.
 
profitmann said:
These new energy plays are not good for the heart
Click to expand...

Which makes them a good play for those with tolerance to high risk, people who have bought in obviously know the perils, so why lecture them?

profitmann said:
and not real businesses yet.
Click to expand...

YET? Is that an admission that they could become real, profitable businesses? If so, time will tell, and those that have seen the possible potential will reap the reward.
Alternative energy sources evolve, some flourish.... some wither and die.
I, for one, will be happy if CXY & CNX prove successful.
 
You win - I give up - leave this crap to you guys who seem to know it all. Ah..... a fool and his money is easily seperated....sorry for having an opinion...seems like you are not allowd to have one on this forum....good luck with it all!
 
Trading halt on CXY. Here is the request to the ASX-

"Trading Halt Request
Cougar Energy Limited (ASX code: CXY) hereby requests a trading halt be placed on its quoted fully
paid ordinary shares effective immediately, pursuant to listing rule 17.1.
The Company has received an order from the Queensland Department of Environment and Resource
Management (DERM) to keep the Company’s pilot Underground Coal Gasification plant near Kingaroy
closed until the Queensland Government is assured that groundwater resources are protected.
The Company expects the trading halt to last until the earlier of an announcement by the Company or
the commencement of normal trading on 20 July 2010.
The Company is not aware of any reason why the trading halt should not be granted."

This reinforces what LNC's Justyn Peters stated in his Limelight address in Melbourne on June 4- that only LNC has mastered the drilling, burning and extinguishing the burn, and ground water issues- among the UCG operators.

http://www.brr.com.au/event/66149/the-power-of-underground-coal-gasification?popup=true&wl=76
 
I just can't see how Couger can easily restart it's operations after it has sacked the majority of it's staff.

Talent in this relatively new field is not that easy to find and the best of the current crew will be snapped up by LNC and perhaps CNX. I fear the whole power contract will fold in the wake of the alleged water contamination and now the sackings of most staff.

Bit sobering isn't it ? Certainly not something the analysts would have suggested in evaluating the company over the past couple of years.
 
I'm feeling mystified and perhaps a bit suspicious about firstly the alleged findings of water contamination around CXY operations and the new information which seems to totally clear the company.

There is no doubt the initial findings have been catastrophic for CXY and the whole UCG industry. And now it seems it was all a mistake ??

Would it seem too much of a coincidence that other competing interests, coal seam gas, now seem to have an unimpeded opportunity for the underground coal resources?

So a simple loaded question. How easy would it be to create tainted water samples that would discredit UCG operations? Anyone is this Forum have any ideas/experiences ?

Cheers
 

I am mystified with this situation and it is difficult to get the hard facts.
- Initially reported that the test was in April and CXY reported it to DERM on 30/6.Surely CXY would have had the results by early May and queried them???
-Within 2 days of DERM publishing the initial results(14 days after receiving them) CXY has written advice that those results are overstated???
- DERM don't appear to have acknowledged that the initial results (on which they based their decision to suspend CXY operations) were erroneous???
-If those results were erroneous why didn't CXY challenge the suspension or publicize that DERM acted on false information ???

I don't know how easy it would be to create a tainted water sample, but money usually speaks all languages.

I do think that CXY has a valid damages case against the "independent laboratory" and possibly against DERM (Dept of Environment and Resource Management).

I don't hold any CXY stock but do hold both LNC and CNX.
 
Perhaps this answers some questions .

"THE company at the centre of the Kingaroy water-poisoning scare raised more than $1 million from investors before its contamination leak was made public.

Cougar Energy has since admitted it first knew of the leak in April and told the State Government on June 30, but the public was not made aware until Independent MP Dorothy Pratt raised the issue in Parliament on July 14, the day Cougar completed its fund-raising.

Managing director of the underground coal gasification company Len Walker said the company did everything it was required to do.

The company has claimed there were discrepancies in the testing of water.

Its shares remain suspended on the Australian Securities Exchange.

Ms Pratt said any potential investor would want to know about the contamination leak and they should have been informed.

Kingaroy Concerned Citizens Group wants the Australian Securities and Investments Commission to review the fund-raising and will hold a public meeting tonight."

http://www.couriermail.com.au/news/leak-made-public-after-1m-raised/story-e6freon6-1225897331694
 
More clarification on Cougar Energy incident. Now confirmed that one test was above the safe drinking water standard. Not sure when this test was conducted. This is from the DERM statement attached to the CXY announcement to the ASX today-

"All of the sampling carried out to date by both Cougar Energy and DERM indicates that benzene has only been detected in one bore (monitoring bore 37) at a maximum concentration of 2 parts per billion (above drinking water guideline of 1 ppb)."

http://imagesignal.comsec.com.au/asxdata/20100728/pdf/01082567.pdf

So, we finally find out that there was one confirmed case of water pollution.

There is more on the DERM statement worth reading that is not on DERM's website yet.
 
Thanks for all the updates Mickel, I have been holding CXY for some time now and was very unhappy to hear about the problems at Kingaroy. Difficult sometimes to move onwards from these things but I think it is important to the whole industry that CXY do just that and continue to develop. Here's hoping!
 
Appears to be no problem with water pollution and the company announcement is quite positive, but it would be wouldn't it? However, the shares are getting dumped; down over 40% with over 48 million traded so far.
 
Appears to be no problem with water pollution and the company announcement is quite positive, but it would be wouldn't it? However, the shares are getting dumped; down over 40% with over 48 million traded so far
Click to expand...

Probably because the company can't see enough money in the kitty to last the next 12 months and given the political situation in Queensland there seems little likelihood of a successful reestablishment of their operations.

Cougar says its forecast working capital requirements for the next 12 months exceed its current cash position, casting doubt over the company's ability to continue.
Click to expand...

http://news.theage.com.au/breaking-...lunge-on-talk-of-collapse-20100902-14om4.html
I wonder what has happened to the capital that was raised in July before this affair blew up ?

Win some lose some...
 
Up 16% this morning,

an agreement with the Govnt, but does the kitty actually have enough to see them through?
 
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