31st Jan 2014 10:19
LONDON (Alliance News) - Wildhorse Energy Ltd Friday said its sights remain firmly on advancing discussions over underground coal gasification operations in Hungary.
The coal gasification and uranium development company with operations in Central and Eastern Europe said it continues to progress its strategic partner selection process for the development of its Hungarian assets.
The company said that once the partner is secured, it plans to recommence a bankable feasibility study and a further drilling programme to upgrade selected areas of its current JORC compliant inferred resource at the Mecsek Hills UCG Project.
The Mecsek Hills UCG Project has a current JORC inferred resource of 184.5 million tonnes. Ahead of this and in line with its licence commitments, the company has conducted 1,164 metres of drilling at the Mecsek Hill's Project.
Earlier this month, the Hungarian parliament approved a modification to its mining law to include specific regulations setting out a legal framework for the development of underground coal gasification projects.
Wildhorse Energy said that during the last quarter it also successfully completed discussions with the Hungarian government over formerly requested studies for the Mecsek Hills Uranium Project and said various uranium related studies that will be needed for the licensing of the project have been started.
The company said it has also signed a non-binding indicative term sheet setting out the terms of a AUD3 million capital raising through the issue of unlisted convertible loan notes.
Wildhorse Energy shares were up 7.3% to 1.88 pence, putting them in the top AIM movers Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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