Wildhorse Energy readies pre-feasibility for Hungary gas project
The final two drill holes at the Varalja exploration target at Mecsek are expected to be completed shortly, the company added.
A 3D seismic programme at Mecsek Hills UCG Project has been already completed to help identify prospective coal blocks in Varalja as part of the final site selection process.
Wildhorse said final site selection will follow the completion of the drilling programme and assessment of geological structure, coal suitability, land access, local infrastructure and mining layout.
After site selection, Wildhorse said the next steps will be items directly linked to the site such as environmental permitting, hydrogeology studies and the mining licences required to permit conversion of coal into syngas utilising UCG technology.
Wildhorse, which listed on AIM in August, posted a net loss of A$7.7 million in the six months to December, up from a loss of A$3.5 million the previous year.
Cash balances at end December were A$5.3 million.
Wildhorse also has a major uranium resource at Mecsek Hills and last month signed a co-operation agreement with State-owned groups Mecsek-Öko and Mecsekérc ahead of a possible re-start of uranium mining on the prospect.
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