Linc Energy Alaska Operations Update
Denver, CO……. Linc Energy Ltd (ASX:LNC) (OTCQX:LNCGY) is pleased to release an update on its activities in Alaska. Also attached is the Linc Energy Quarterly Report for October 1 – December 31, 2011.
Clean Energy Division
Linc Energy continues its Underground Coal Gasification (UCG) exploration programs in both the Cook Inlet and Interior regions. The goal of its exploration program is to acquire quality resource data in a cost-effective, environmentally sound and safe manner for purposes of identifying potential locations suitable for further UCG evaluation and development. Linc Energy’s UCG Exploration team in Alaska is a highly experienced group of Alaskan geoscientists and drilling professionals with expertise in coal geology, hydrogeology, geophysics, Cook Inlet drilling, and remote operations logistics. The Alaska UCG exploration program will continue year round.
Oil and Gas Division
In late December 2011, Linc Energy made the decision to defer its 2011-2012 delineation drilling program at Umiat due to logistical issues.
Throughout 2012, Linc Energy will continue to develop the Umiat Project Description and draft Plan of Development, as well as maintain engagement with North Slope communities and the various regulatory agencies. Indeed, a community meeting regarding the company’s activities is scheduled in the North Slope Borough village of Nuiqsut on February 9. In addition, a project-specific website is currently under construction with a launch anticipated by the end of March, 2012.
For the 2012-2013 season, Linc Energy will commence appraisal drilling, well testing and deep exploration program.
Linc Energy is committed to developing the Umiat oil field. While the company supports the State of Alaska’s initiative to get 1 million barrels of oil per day throughput into the Trans Alaska Pipeline System (TAPS), which the company understands may include the construction of a road from the Dalton Highway to Umiat, completion of a road project is not a requirement for the successful development of the Umiat oil field.
Linc Energy is a globally focused, diversified energy company with a strong portfolio of coal, oil and gas deposits. It is Linc Energy’s purpose to unlock the value of its resources to produce energy to fuel the future.
A publicly listed company, Linc Energy is the global leader in Underground Coal Gasification (UCG), which delivers a synthesis gas feedstock to supply commercially viable energy solutions – such as electricity, transport fuels and oil production – through gas turbine combined cycle power generation, Gas to Liquids (GTL) Fischer-Tropsch processing and Enhanced Oil Recovery.
Linc Energy has constructed and commissioned the world’s only UCG to GTL demonstration facility located in Queensland, Australia. This facility produces the world’s only UCG to GTL synthetic diesel fuel. Linc Energy also owns the world’s only commercial UCG operation, Yerostigaz, located in Uzbekistan. Yerostigaz has produced commercial UCG synthesis for power generation for 50 years.
Linc Energy is on a rapid global expansion path to commercialise its portfolio of resources, with established offices across three continents in the United States, the United Kingdom and Australia.
Linc Energy is listed on the Australian Securities Exchange (LNC) and can also be traded in the United States via the OTCQX (LNCGY).