Shares in Wildhorse Energy rose on Wednesday morning after updated figures showed coal resources of 383 million tonnes at its site in southern Hungary.
The company also confirmed the results of a preliminary feasibility study announced last year indicating attractive economic and technical potential of supplying syngas as a gas feedstock for power stations.
The company said it was seeking to progress development towards the first commissioning of syngas in late 2014.
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"Notably, this resource update demonstrates that we have sufficient coal to construct a 400 MWt underground coal gasification (UCG) project," said Managing Director Matt Swinney
"But more importantly, we have successfully identified a number of UCG suitable coal seams...which we will focus on further over the coming months."
Wildhorse' shares rose over 4% following the announcement.
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