October 18, 2013
Cougar Energy appears to have drawn a line under UCG in Queensland, changing its name to reflect a change of direction following its failed underground coal gasification project at Coolabunia.
At an extraordinary general meeting last month, shareholders voted to change the name of company to Moreton Resources.
The change officially took effect on the ASX on Friday.
“Since the restructuring of the Board in March this year, we have undertaken a number of strategic changes to the business model,” Moreton Resources Chairman Andrew Matheson said in a statement to the ASX.
In an apparent reference to the UCG project and associated legal actions, Mr Matheson noted that “several of the legacy issues holding the company back have now been resolved”.
On September 24, Cougar was fined $75,000 after admitting it breached the conditions of its environmental authority at Coolabunia.
“We believe it is timely to implement this name change in keeping with the significant transformation we have embarked on,” Mr Matheson said.
He said the change reflected the “repositioning of Moreton Resources” from a single focus company to one with two key businesses: carbon materials and energy.
The company’s new website notes that it previously focussed solely on UCG but its thermal coal resources were currently being evaluated for commercial development:
“The decision to undertake this transformation of the coal assets followed a detailed strategic review of previous business model.
“The review found that the company held two, wholly-owned, non-UCG coal assets in Queensland, and that specific actions could be taken to capitalise on their value.
“In addition, Moreton Resources’ pursuit of coal prospects in Asia, which have the potential for UCG development, have exposed it to a range of conventional coal investment opportunities which may add significant value to the company.”
