Clean Global Energy Limited (ASX:CGV) Not Affected By QLD Government Decision To Keep Cougar Plant Closed
CGE Chair and CEO, Mr John Harkins, said CGE's Linear CRIP UCG technology was vastly different, and greatly advanced over the technology adopted by Cougar Energy at its Kingaroy plant.
"Our Technical Director, Dr. Michael Green, led the successful European Union trials in Spain on which our technology is based. Most importantly, those trials fully met stringent European environmental laws," Mr Harkins said.
"We are currently focussed on overseas projects in India, China and the United States where the underground coal gasification process and UCG Syngas product is more clearly understood by both government and major corporations, who are encouraging CGE to bring our technology and expertise to those markets."
"As we announced only last month, CGE has expanded into the US market in a substantial way, with the early stages of project development now underway to build and operate a commercial UCG Syngas plant in Oklahoma, in partnership with US energy multinational, the AES Corporation (NYSE:AES)."
"This is a clear signal to the global market that major corporations such as AES believe that CGE demonstrates a significant technical capability, and that we are leaders in global commercial developments in underground coal gasification."
"CGE is of the view that this decision by the QLD Government on Cougar's plant, does not in any way impact CGE's plans to progress the development of our QLDbased coal tenements into income-producing assets in the medium to longer term."
"Our shareholders know and appreciate we are in the UCG Syngas business for the long haul, both in Australia and overseas, which will result in significant revenue to CGE and shareholder value to its investors", Mr Harkins said.
Cougar Energy Limited
Clean Global Energy Limited
Advanced Energy Systems Limited