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Wildhorse Energy exits Hungarian underground coal gasification sector

World Coal,

Wildhorse Energy Ltd is set to exit the Hungarian underground coal gasification (UCG) sector, as the company’s shares fall 85% from the start of the year.

The uranium and underground coal gasification focused-company said it would cease operations in Hungary in the coming weeks after writing off its projects in the country to “nil value”. Wildhorse will not focus on developments at the US Golden Eagle uranium project, while considering potential new project opportunities.

The Sydney and London-listed company, a provider of fuel gas in Central and Eastern Europe through the development of its portfolio of UCG and uranium assets, said it had decided to shut down its Mecsek Hills UCG project in Hungary after failing to sell a part or all of the project to a strategic investor. The shutdown means the company will lose its mineral rights to the project.

"The value of the Hungarian projects had been progressively written down to nil value by 30 June 2014, so the above decisions are not expected to have a material impact on the company's current financial position or results for the 2015 financial year," the company said.

Wildhorse Energy's Sydney shares are down 85% since the beginning of the year at AU$ 0.004. 

Edited by Sam Dodson

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