14th Jan 2014 12:00
LONDON (Alliance News) - Shares in Wildhorse Energy rose 17% Tuesday after it said that the Hungarian Parliament had approved a modification to its Mining Law to now include specific regulations setting out a legal framework for the development of underground coal gasification projects.
The company's most advanced UCG asset, the Mecsek Hills UCG project is located in Hungary.
"We welcome this news, representing the first legislation of its kind in Central Europe, and are confident that this regulation marks a new chapter of UCG application in Hungary and in the region as we consider various development paths for our projects," said Managing Director Matt Swinney in a statement.
Wildhorse said that it is engaged in discussions with a third party as a potential partner, and said its ability to advance its projects in Hungary were dependent on its securing a strategic partner.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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Related Shares:
WHE.L