Linc Energy’s Alaskan Gas Exploration Program Shows Commercial Gas Potential
- Drilling of LEA #1 exploration well in the Cook Inlet Basin completed
- The well was successfully drilled to its target depth of 6,323 feet
- LEA #1 was completed on time and within budget
- A number of gas bearing horizons have been encountered
- A testing program is now underway to evaluate the potential for commercial gas production
- Preparation for an expansion of Linc Energy's Alaskan natural gas drilling program is underway
The well was drilled to a total depth of 6,323 feet into the basement volcanic rocks. LEA #1 encountered a number of gas bearing horizons and 7" casing has been run and cemented. This will allow Linc Energy's technical teams to plan a testing program to evaluate the potential for commercial gas production from the prospect. A number of significant coal seams were encountered as expected. Coal is recognised as the source rock for all the gas discovered and produced from the prolific Tyonek, Beluga and Sterling formations in the Cook Inlet Basin.
Linc Energy CEO Mr. Peter Bond said "In light of the fact that Linc Energy took over these Leases in June, it is an exceptional result that by October, our team planned and permitted a drill site, built the pad, contracted the rig and spudded the LEA #1 well. The safe completion of the well to depth, within budget and time is also a fantastic outcome. It will now take our team about a month to conduct the relevant tests upon LEA #1 to define a commercial outcome. I am very excited about the opportunity that Alaska offers, particularly for the potential for early cashflow to Linc Energy."
In addition to testing at LEA #1, Linc Energy will now prepare for phase two of its Alaskan natural gas drilling program in its Trading Bay Block leases which are located on the northwest side of the Cook Inlet approximately 70 miles from the site of LEA #1.
Chief Executive Officer
Linc Energy is an innovative, forward-thinking company developing a significant energy business based on the production of cleaner energy solutions.
Linc Energy has successfully combined two known technologies, Underground Coal Gasification (UCG) and Gas to Liquids (GTL) and has demonstrated its vision of being a leading supplier of a new source of cleaner liquid transport fuels for the future.
UCG technology provides access to coal, deep underground and by in-situ gasification produces a high quality synthesis gas (syngas) containing carbon monoxide and hydrogen.
Aboveground, in the GTL process, syngas is processed via Fischer-Tropsch technology to produce high quality, sulphur free synthetic hydrocarbons.
Linc Energy plans to combine its UCG and GTL technologies commercially at sites in Australia and around the globe as it realises its vision of becoming the world's leader in providing cleaner synthetic diesel and jet fuels from stranded coal resources.
UCG produced syngas can also be used as a feedstock to generate gas turbine combined cycle power, resulting in reduced greenhouse gas emissions.
With significant coal deposits suitable for UCG technology, Linc Energy can provide alternative sources of liquid fuels and power generation well into the foreseeable future.
Linc Energy represents a new future for liquid fuels production and high efficiency energy generation.
Posted: November 18, 2010
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