Linc Energy Acquires More Coal in AlaskaLinc Energy acquires 181,414 acres of UCG coal exploration licences in Alaska
Linc Energy Ltd (ASX:LNC) (OTCQX:LNCGY) is pleased to announce that it has been successful in its tender to the Alaska Mental Health Trust Authority for the grant of 181,414 acres of Underground Coal Gasification (UCG) coal exploration licences in Alaska.
Linc Energy has been advised by the Director of the Trust Land Office (on behalf of the Alaska Mental Health Trust Authority) that, following a competitive bidding process, Linc Energy has been awarded 100% of the UCG exploration program licence area for which it tendered.
The decision follows more than six months' work in UCG geological assessment and competitive tender submissions from a dedicated unit spanning the Linc Energy Australian and United States offices.
"This is an excellent outcome for Linc Energy which greatly advances our strategic goal to bring commercial UCG development to Alaska and become a significant part of the USA domestic energy market. We have known for a long time that Alaska, and the Cook Inlet Basin in particular, holds significant coal deposits. Importantly, the decision confirms that we were successful in obtaining 100 per cent of the exploration areas we applied for in the competitive tender process. This is an outstanding result and is yet another example of the dedication and professionalism of our Linc Energy team," said Chief Executive Officer Peter Bond.
"Linc Energy is a unique company. Compared with our UCG competitors, we adopt an aggressive resources ownership and exploration program. We also own and continue to research and develop Linc Energy's proprietary UCG technology. We have a large expert technical team across a number of disciplines and countries, with significant operational experience via our many years of hands-on operations success at Chinchilla and Uzbekistan. We also have the unique ability to work concurrently on multiple projects globally," said Bond.
"The gaining of this acreage marks Linc Energy's entry into stage two of its Alaska plan. In conjunction with our continuing oil and gas program, coal exploration for UCG will be conducted aggressively over the next 24 months," said Bond.
The coal potential of this acreage is shown to be extraordinary, with huge upside for Linc Energy.
"Alaska is shaping up to be one of the key territories for Linc Energy to launch its global energy operations. It is a progressive jurisdiction and has significant infrastructure as an important energy hub. We also have an excellent Alaskan Linc Energy team and we look forward to continuing to work with the Alaska Mental Health Authority and the Trust Land Office as we proceed to progressively develop this opportunity to a commercial stage," he said.
Linc Energy looks forward to updating the market on its exploration program for this area over the coming weeks.
For more information visit www.lincenergy.com.au or contact our office on +617 3229 0800.
Chief Executive Officer
Posted: February 1, 2011
More Latest News »