May 24, 2012
The founder and Chief Executive Officer of Cougar Energy – the company behind the suspended underground coal gasification project at Coolabunia – has called it quits.
In a statement to the ASX today, Cougar said the “build-up of executive expertise and the current progress with the company’s ongoing expansion plans” had co-incided with the desire of CEO Dr Len Walker to relinguish his position as CEO, however he would remain with the company as an Executive Director.
Cougar has now begun the hunt for a replacement CEO.
“The past few years have been extremely challenging, particularly given the political motivation evident in the shut-down of our Kingaroy plant,” Dr Walker said.
“Pressing forward from this experience has only been possible because of the dedication of all our existing staff.
“The appointment of a new CEO will inject new energy into the company as it expands its project options in the Asian region.”
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The ASX statement also advised shareholders that Cougar Energy is continuing the preparation of its legal cases for hearing in Queensland courts to pursue its rights to develop the Coolabunia project, and to claim damages from the Queensland Government and government officials over the decision to shut down the project “with no real evidence or any real or potential environmental harm being present”.
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Three charges against Cougar Energy laid under the Environmental Protection Act were adjourned again in the Kingaroy Magistrates’ Court today.
The Department of Environment and Resource Management has alleged Cougar released benzene and toluene into groundwater during its UCG trial at Coolabunia.
Magistrate B.D. Barrett adjourned the charges for further mention on July 19. No representatives from Cougar Energy or DERM were present in the courtroom.
