Wildhorse Energy reported progress in its plan to become a major supplier of gas feedstock to power stations in Central Europe, with the planned additional listing on the AIM segment of the London Stock Exchange expected to take effect on August 2, Proactive Investors UK reports.
Wildhorse's flagship project is Mecsek Hills in Hungary - a 418 sqkm licence in Pécs, which has an exploration target of 1-1.25 billion tons of coal.. The company is working with underground coal gasification (UCG) technology to convert coal into syngas and then selling the syngas to power stations as a gas feedstock.
According to an activity report issued today, the pre-feasibility study for Mecsek Hill is due for completion in the second half of 2011.
In June, Wildhorse raised $7 million through a placement of 22.68 million shares at 31 cents each . The bulk of it will go towards financing completion of the Mecsek Hills PFS. Some of the funds will be allocated towards the development of the Mecsek Hills uranium project.Other UCG projects include the Izabela gas, a 47.5-square-kilometer coal licence containing 160 historic drill in northern Hungary, and the Amelie gas project, a 25-square-kilometer coal exploration licence in Western Hungary.