ASX Spotlight

Small to Mid Caps Conference

8 March 2012 - London

Peter Bond

DISCLAIMER This presentation contains forward looking statements that are subject to risk factors associated with

the petroleum and mining businesses. It is believed that the expectations reflected in these

statements are reasonable, but they may be affected by a range of variables and changes in

underlying assumptions which could cause actual results or trends to differ materially, including but not

limited to price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and

production results, gas commercialisation, reserve estimates, loss of market, industry competition,

environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and

financial market conditions in various countries and regions, political risks, project delay or

advancement, approvals and cost estimates.

The oil resource estimates in the announcement were compiled by Christopher E Mullen, employee of

Linc Energy, and Scott J. Wilson of Ryder Scott Company LP each of whom is qualified in accordance

with ASX listing rule 5.11 and who has consented to the form and content in which this statement

appears.

The information in this report, where indicated, relating to coal resources is based on information

compiled by Troy Turner, who is a member of the Australian Institute of Mining and Metallurgy and who

is employed by Xenith Consulting Pty Ltd. Certain other information is based on information compiled

by Tim Jones, a former employee of Linc Energy. Messrs Turner and Jones each has sufficient

experience which is relevant to the style of mineralisation and type of deposit under consideration and

to the activity which they are undertaking to qualify as a competent person as defined in the 2004

Edition of the “Australasian Code for Reporting Exploration Results, Mineral Resources and Ore

Reserves”. Messrs Turner and Jones each consents to the inclusion in the report of the matters based

on their information in the form and context in which it appears.

CORPORATE SNAPSHOT Linc Energy is an innovative, forward-thinking energy company and the world

leader in clean coal technology using Underground Coal Gasification (UCG)

ASX 200 publicly listed (ASX:LNC), and in U.S. (OTCQX:LNCGY)

Market Capitalization ~ US$755 million (February 23, 2012)

Issued Share Capital ~ 508.2 million shares on issue.

OIL & GAS Linc Energy has over 182,000 acres of

O&G leases in North America with over

17.5mn barrels of 1P oil reserves and an

estimated 1.2 Bn barrels of OOIP

proposed to be developed into

operations in the short to mid term

Production from the

USA is expected to

cover Linc Energy

operational costs

from August 2012

current 2,400

by end 2012 5,600

Net bbl/day

current 150

by end 2012 400

Net bbl/day

GULF COAST OIL & GAS

One of the few medium sized independents in the Gulf

Coast which is materially oily (>90%) and entirely operated

by the owner

In October 2011 Linc Energy acquired 13 producing oil fields consisting of

156 leases covering ~13,400 acres in Texas and Louisiana

Proved reserves: 16.5MMboe (94% oil, 25% PDP)

PV-10 valuation : $576 million

300mn Reserve Based Lending facility is in place, with 130mn called to

date. All in rate currently ~3.1%

Net daily production: ~2,400 (Net)bbls/d (94% oil)

GULF COAST OIL & GAS (con’t) Immediate strategy includes an aggressive drilling plan and well

optimization to increase production to 6,900 (Gross) 5,600 (Net)bbls/d

Program commenced for completion of 41 new wells and 20 recompletions

and workovers before 31 December 2012

45 oil & gas professionals on staff.

WYOMING OIL & GAS

Presently producing ~190 (Gross)

150bbs/d (Net) with opportunity to

expand production to over 10k

bbls/d through CO2 flooding

CO2 interruptible contract has been signed with

EXXON. UCG CO2 and other alternative CO2 sources

are likely to be available from end of 2013

Successful CO2

injection has resulted

in incremental oil

production

CO2 INFRASTRUCTURE &

PROJECT MAP OF WYOMING

ExxonMobil

Shute Creek: Generates 430

MMCF/D CO2

Devon Beaver

Creek: Production 4,200 BOPD

Anadarko Monel Unit: Production 5,000 BOPD

Merit Lost Solider/Wertz: Production 7,000 BOPD*

Anadarko Salt

Creek: Production 12,000 BOPD

*Not all production is from CO2 EOR

Map from State of

Wyoming

Geological Survey

Glenrock Oil and

Gas Assets

UCG Assets

ALASKA Umiat: Estimated OOIP of

~1.2bnbbls with Net Probable of

108MMBoe and Possible Reserves

of 93MMBoe, as per Ryder Scott

report

Peak production estimated to be in

excess of 50,000bbls/d, with upside

through further drilling expected in

winter 12/13.

Umiat

1. Queensland Coal Resources

2. South Australian Coal

Resources

3. Carmichael Royalty

In Queensland alone, Linc

Energy has 24 million tonnes of

measured, 584 million tonnes of

indicated, and 743 million

tonnes of inferred JORC

compliant reserves within 3 of its

7 controlled tenements

(breakdown of detail on the next

page).

COAL

COAL ASSETS – QUEENSLAND Teresa

JORC resource of 852Mt* (Inferred) with mine plan of

310Mt** (25 Indicated and 286 Inferred) for PCI

Mining lease application has been submitted and EIS

commenced for a 6.4Mtpa underground mine

First coal 2015

Pentland

JORC resource of 266 Mt.** (176 Indicated and 190

Inferred)

Expected to produce c. 3.0 to 4.0Mtpa of export

grade thermal coal.

Great Northern Leases

Exploration planned in late 2012

Biloela

The drilling program was completed in late 2010.

Surat

Chinchilla - JORC resource certified of 775Mt.** (24

Measured, 383 Indicated and 368 Inferred)

Tipton

Drummond Basin

Analog to Blair Athol resource targeted, potential

coking coal

Rathdowney

Drilling planned for 2013

* Competent Person Tim Jones, ** Competent Person Troy Turner , Xenith Consulting Pty Ltd

Hail Creek

Curragh

Kestrel Jellinbah East

Yarrabee

Blackwater

Dawson Mining Complex

Baralba

Rolleston

Cook Minerva

Lake Lindsay

Saraji Peak Downs

Isaac Plains

Lake Vermont

Norwich Park

German Creek Middlemount

Coppabella

Carborough Downs Moranbah Nort

h

Goonyella Riverside

North Goonyella

Sonoma Collinsville

Eastern Creek

Oaky Creek

Clermont

Blair Athol

Source: Queensland Government

Department of Mines and Energy

BOWEN

BASIN

TERESA

Railway line

Railway line (proposed)

Burton

Port

Gladstone / WICET / 3TL

Dalrymple Bay/

Hay Point / Dudgeon Point

Abbot Point

Gregory Crinum

German Creek East

Ensham

Alma Point / Fitzroy Terminal

One of the last remaining

Coking/PCI Coal of size and

quality left in Australia Potential for a 5 to 6.4 Mtpa (product

tonne) underground operation for 30

years yielding PCI coal

Initial JORC resource statement of 852

Mt Inferred in November 2008

JORC resource statement focussed on

Corvus 2 seam only of 310Mt: 25Mt

Indicated, 285Mt Inferred, Xenith

Consulting Pty Ltd

Early production mid-2015, Full

production mid-2016

Teresa tenements cover c. 357km2 in

the east of the Bowen Basin, 17km north

of Emerald

Within Queensland’s premier coal

province (near existing coking coal mines

of Kestrel, Crinum, Gregory and

Oaky Creek)

Good existing infrastructure

connections

Upside potential in north east of EPC

1226

Mining lease application has been

submitted for 9000ha site and EIS

commenced.

TERESA – MINE PLAN

Coal seam depth of 130 metres means the

preferred method of mining the resource is via

underground extraction. Extraction method

proposed in the preliminary mine development

plan is retreat longwall extraction

A coal preparation plant (CHPP) will be

constructed on-site. The CHPP will handle

around 1,000 tph of coal and produce a PCI

product with a yield of approximately 80%

Reclaimed coal will be transferred to a load out

bin located over the mine rail balloon loop.

Approximately 15 train loads of coal will be

shipped per week. The Project will be capable of

exporting 6.4Mtpa of product coal

Final rail corridors and port options are currently under investigation. The final corridor

alignment will be located based on engineering and environmental constraints.

COAL ASSETS –

SOUTH AUSTRALIA

Walloway Basin

Thick brown coal formations

have been confirmed and a

project technical review is

currently underway for the

Walloway Basin assets

Exploration target identified

Over 1,000 metres of drilling

in the region, including 63

metres of 85mm core (PQ)

was completed in 2010/11.

Arckaringa Basin

East Wintinna and Weedina

Exploration target identified.

Linc Energy sold the Carmichael

Coal asset to Adani for A$500mn

cash and A$2/tonne royalty (plus

CPI) for 20 years of production

Carmichael Coal tenement

(formerly known as Galilee) is being

developed by Adani Enterprises as

an 60Mtpa mine with production

expected to commence in 2015

The tenement is located in

Queensland’s Galilee Basin, 160

kilometres northwest of Clermont

and had a JORC resource of 7.8

billion tonnes at the time of

divestment.

CARMICHAEL

MINE – Adani

Royalty

CLEAN ENERGY

Only company in the world to have successfully demonstrated the conversion of underground low-value coal to liquids via the (UCG/GTL) process

Linc Energy has patents across the technology

Our technology, operating experience and proof of delivery empowers us to beneficiate $1/t coal to $100/t ultra clean fuel for ~30 per barrel (19 cents per litre)

The UCG-GTL visual and environmental footprint is minimal

50 years experience at Yerostigaz, Uzbekistan UCG operator for over 12 years experience of UCG to synthetic fuel at Chinchilla operations, Australia; with 5 generations of technology development

Targeting a roll-out of first UCG–GTL commercial site selection and pre-FEED studies in 2012

The G5 design and operation reflects the readiness of Linc Energy processes for commercialisation

Linc Energy resources in UCG include large targets in Alaska (Cook Inlet), WYO (new large PRB opportunity for CO2 oil and gas tertiary recovery and power), Poland, South Africa and sourcing resources in Asia.

CHINCHILLA DEMONSTRATION

FACILITY

POWDER RIVER BASIN

Linc Energy has 173,327 acres of coal leases across the states of Wyoming, Montana and North Dakota

Site selection and drilling is underway

Linc Energy has offices in Casper, Wyoming and Denver, Colorado.

UCG converts low value coal into syngas via the coal deposit being heated

creating a chemical reaction called gasification (not combustion)

Horizontally & vertically drilled wells become the injection and production wells

The Syngas is suitable for production of transportation fuels (GTL), fertiliser

(chemical) and as a feedstock for power generation

Linc Energy UCG process can be conducted in a safe environment as

demonstrated by Yerostigaz (50yrs of operations, owned by Linc Energy) and

Chinchilla (12 years operations with over 30k water samples over 1 km2).

CLEAN ENERGY– UCG

>1000 feet

<60 feet

UCG PROGRESS Gasifier (Generator) 5 operations at

Chinchilla is commercial and has

been operating since September

2011

Gasifier 4 uses world-first Linc

Energy developed UCG

technology, with syngas produced

in 5 hours Horizontal well technology

Adoption of oil and gas technology

for reliability

and repeatability

Increased resource recovery and

gasifier life

Oxygen enrichment

Increased capital efficiency

Soviet-style UCG technology

used for Gasifier 1, 2 and 3 at the

Chinchilla Demonstration Facility

Linc Energy comprises three (3) energy divisions; Oil and Gas, Coal and Clean Energy (UCG/GTL) that are all moving to profitability by the end of 2012

1. Oil and Gas

a. To increase production in the U.S. to 6-7,000 bpd

b. WYO commercial CO2 injection to commence for 2012, which will have a long term production of +10k bpd

c. Drilling of ~1.2 Billion barrels OOIP in Alaska over the Northern Winter to create a significant 1P barrel reserve and enable financing of the pipeline.

2. Coal

a. Monetise Teresa

b. JV for coal package and divest or float

c. Drill out key coal targets in Qld, South Australia and the Powder River Basin.

3. Clean Energy

a. Now with UCG Gasifier 5 developed; goal of committing to first UCG to GTL project site by end of 2012

b. Finalise GTL costing and commence GTL project

c. Convert more commercial opportunities

SUMMARY

www.lincenergy.com

Thank you