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TRANSCRIPT
Company Presentation
June, 2015
1
Disclaimer
This presentation is confidential and its content may not be copied, reproduced, redistributed, quoted, referred to or otherwise disclosed, in whole or in part, directly or
indirectly, to any third party, except with the prior written consent of Linc Energy Ltd (“the Company”).
This presentation is for informational purposes only, and does not constitute or form part of an offer, solicitation or invitation of any offer, to buy or subscribe for any securities,
nor should it or any part of it form the basis of, or be relied in any connection with, any contract or commitment whatsoever.
This presentation contains interpretations and forward-looking statements that are subject to risk factors associated with the oil and gas, and coal industries. You are cautioned
not to place reliance on these forward-looking statements, which are based on the current views of the Company on future events. The Company believes that the expectations
reflected in the presentation are reasonable but may be affected by a variety of variables and changes in underlying assumptions which could cause actual results to differ
substantially from the statements made. These include but are not limited to: production fluctuations, commodity price fluctuations, variations to drilling, well testing and
production results, reservoir risks, reserves estimates, loss of market, industry competition, environmental risk, physical risks, legislative fiscal and regulatory changes,
changes to petroleum licences/regimes, economic and financial market conditions, project delay or advancement, approvals and cost estimates.
The Company and its Directors, agents, officers or employees do not make any representation or warranty, express or implied, as to endorsement of, the fairness, accuracy or
completeness of any information, statement, representation or forecast contained in this presentation and they do not accept any liability for any statement made in, or omitted
from, this presentation.
The information contained in this presentation noted above are subject to change without notice. This presentation is intended only for the recipients thereof and may not be
forwarded or distributed to any other person and may not be copied or reproduced in any manner.
2
Summary
Wyoming EOR o Potential for enhanced oil recovery from existing production in Wyoming with 10,000 – 15,000 bopd
after CO2 EOR development
Shale Oil in South
Australia o Unconventional oil assets in South Australia located on 16mm continuous acres of the Arckaringa Basin
and estimated risked unconventional prospective resources of 3.5 bboe at 51% liquids
UCG o Linc Energy is world leader in UCG technology with existing commercial operations in Asia and a strong
global pipeline of new developments
Strong Team o Strong operating team and management team with a track record of successful monetisation, including
$655mm sale of Carmichael coal mine
Low Cost Gulf Coast
Oil Production
Significant Alaskan Oil
Development
Large Alaskan development project at Umiat with Certified 2P Reserves of 155 mmbls
Detailed development concept in place with near term catalysts further unlocking value and well defined
export options
Low cost oil production from ~150 wells across 14 fields in the Gulf Coast Basin of Texas and Louisiana
Quality operating team realising development upside and with potential to drive growth
Near-term focus on highly economic recompletion inventory
Significant Upside in Broader Portfolio
Significant upside and near term value being realised from key US E&P assets
3
Strategic Plan
October 2014 Strategic Plan Approved by the Board
Mission Statement
To become an industry leading Oil & Gas Company.
Our Vision going forward is…
To create an oil and gas asset portfolio focused on extracting significant value through resource development,
application of advanced technology and operational optimisation.
Critical Success Factors – Next 3 Years
Divest non-core assets and deleverage the balance sheet
Reduce cash burn and increase revenue
Establish Heavy Oil business
Commercialise UCG
Explore and develop SAPEX assets
Sustainable Capital Structure
4
The Past 8 Months….
Successfully negotiated a 25% repayment of Convertible Notes and an extension of the Redemption Put Date from
April 2015 to April 2016
Completion of a Receivable Factoring Facility Agreement with a third party Financial Institution in relation to the
second tranche of the Adani Receivable
Further initiatives to strengthen the liquidity of the group well progressed (commercially sensitive)
US O&G operations switched from prioritising production to:
1. Low capital expenditure program: recompletions and new wells selected and drilled based on risked NPV
analysis
2. Low operating cost mindset: improved operational efficiencies allowed for a 22% reduction in LOE’s and a total
operating cost below USD 29/net bbl
Organisational restructure: 38% reduction in employee numbers and 76% reduction in contractor numbers
Maintenance costs of all non-core business assets and facilities reduced by 37%
Divestment of conventional coal business to United Mining Group
5
Capital Structure
A$mm
Cash and cash equivalents 18.8
Other current assets 146.1
Total current assets 164.8
Intangibles 256.3
Oil and gas assets 519.4
Other non-current assets 35.2
Total non-current assets 810.9
Total assets 975.7
Borrowings 0.2
Other current liabilities 77.9**
Total current liabilities 78.0
Borrowings 675.0
Other non-current liabilities 68.9
Total non-current liabilities 743.8
Total liabilities 821.9
Net assets 153.8
Total equity 153.8
Face Value
(US$mm)
Trading per US$100 of
Face Value (1)
Trading Value
(US$mm)
Convertible Bond 133.3 86.35 115.1
First Lien Senior Secured
Notes (2) 125.0 85.00 106.3
Second Lien Senior
Secured Notes (2) 265.0 22.50 59.6
Total Face Value 523.3 281.0
(1) April 30, 2015
(2) Notes have limited recourse to the non-US assets other than a cross charge of default on the
Convertible Bonds
Debt restructuring activities intended to establish appropriate capital structure
underway
Linc Energy has received approval from debt holders of the Second Lien Senior
Secured Notes to PIK interest in both October 2015 and April 2016,
demonstrating support for a solution
6 Jan-15 redeemed US$50.0mm of the outstanding Convertible Notes due 2018
4 May-15 redeemed US$5.0mm of the outstanding Convertible Notes due 2018
21 May-15 redeemed US$11.7mm of the outstanding Convertible Notes due 2018
Source: Company announcements, Bloomberg
** Includes A$37mm of interest payable which was paid subsequent to balance date. Other Current Liabilities now at ~A$35mm
Balance Sheet as at 31 March 2015 Current Debt Summary
Proposed Restructure
6
Gulf Coast, U.S.
Production from ~150 wells across 14 fields, increasing overtime as wells are drilled out
Low operating costs following a substantial cost reduction program to reposition for the lower price environment
Near-term focus on highly economic recompletion inventory
Quality operating team capable of aggregating surrounding assets an realising existing development upside
Primary Gulf Coast oil fields are associated with salt domes or salt related structures
Production from stacked reservoirs primarily in normally pressured Miocene and Frio sands at depths to 7,500 feet
Minimal historical drilling below 7,500 feet
Deeper drilling potential (Yegua, Hackberry, and Wilcox)
Significant 3‐D seismic coverage
Key Highlights Asset Location
Asset Overview
Onshore, conventional low cost Gulf Coast production of ~3,600 boe / day (Q1 2015) gross
Proved Reserves 8.2mmboe (94% oil, 18% PDP)
Prospective Resources 3.1mmboe (82% oil)
Working Interest / Net Revenue Interest 100% / 78%
Fields / Producing Wells 14 / ~150
PV-10(WTI at Consensus pricing) US$350 - US$400mm
Key Statistics Reserves & Resources by Category
18%
1%
19%
34%
28% PDP
PSI
PNP
PUD
Prospective
7
Gulf Coast, U.S. | Operating Cost Improvement and Resource Upside Review
Field Prospect Count
Barbers Hill 18
High Island 17
Hoskins Mound 10
Port Neches 4
Galveston Bay 4
Black Bayou 3
Other -
Total 56
Linc Energy has developed the
following prospect inventory list
which describes the drilling upside
G&G team working with reprocessed 3D seismic to fully develop suite of subsurface maps for core fields
Efforts led to identification of 10+ drill-ready prospects in High Island
– Only 20% of High Island reviewed to date
In Barbers Hill, only 60% of dome has been fully reviewed
Asset Optimisation
Review Nearly Completed
Cost review for each field and well
Focus on 60 day payout for workover and recompletion activities
Renegotiate fixed costs with vendors
Purchase order cost control system in place
Majority of contractors eliminated
Field Level Efficiencies
Being Executed
Payroll of $22mm in 2014 reduced to $10mm in 2015, salaries down 54% yoy and Headcount down 45% yoy
Closed non-critical offices
Completed Reduction-In-Force process
In-house contractors released and only critical staff maintained
Key Geologist and Geoscience talents deployed to identify new reserves to replace depletion
Corporate Overhead
Reductions Largely
Complete
Gulf Coast Strategy: Fit for $50/bbl Price Environment
Detailed Development Plan 2015 / 2017
8
Recompletion Overview Barbers Hill – Field Development Schematic
Kirby B #41 Production History – Three Successful Recompletions
Gulf Coast, U.S. | Recompletion Inventory Driving Further Value
Near-term focus on highly economic recompletions
To date Linc Energy has successfully performed over 70 recompletions for a cost of
~$13mm (average cost of ~$185,000)
Linc Energy has over 70 recompletions in inventory based on 160 proven location
Kirby B #41 in Barbers Hill was a legacy well with several uphole recompletions (3
performed to date)
Successful recompletions illustrated below
1
10
100
1,000
Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15
bb
ls /
Day
9
Alaska – Umiat | Large Operated Potential Oil Development
High quality project with a series of upcoming milestones that will continue to de-
risk and unlock value
Material Reserves position with attractive economics
Well defined export options
Targeting peak production of 50,000 bbl / day
OOIP: One billion barrels
Formerly part of the National Strategic Petroleum Reserve
Located within the National Petroleum Reserve of Alaska
Advanced engineering and approvals
Potential peak production of ~50,000 gross bbl / day
Potential upside from deeper oil and gas reserves through reprocessing 3D
seismic to identify deeper potential
Total 2P Reserves 154.6mmboe
Precent Oil 100%
Working Interest (min) 84.5%
Average Net Revenue Interest (min) 67.6%
Net Acreage 18,540
Key Highlights Asset Location
Asset Overview
Key Statistics
Significant potential Alaskan development with certified 2P Reserves of 155mmbls
Trans-Alaska Pipeline System
(“TAPS”)
UMIAT
Linc Energy Snow Road
10
Work Completed
Development Plan Overview
Upcoming Milestones to De-risk and Unlock Value
Alaska – Umiat | Near Term Catalysts & Project Development Plan
Established campsite and in-field ice pads
Mobilised drill rig
Drilled and cored vertical well
Stacked rig on location
Construct a 100-mile snow road
Drill and flow test horizontal well
Completed engineering study to determine potential road / pipeline alignments
and infield pad footprints
• Ongoing resource modeling
• Complete EIS and permitting process
• Construction of roads and pipelines
• Construction of process facilities
• Commence development drilling
• Construction of TAPS facilities and connection
• Upon completion of the appraisal phase of the project, Linc will enter into the
concept select stage
Source: Worley Parsons
There are several upcoming milestones that will build on work already completed to drive value going forward
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Environmental Field Work
Application Preparation
Regulatory / Permitting
Drilling Engineering
Winter Drilling
Drill Rig Design / Procurement
Production Drilling - Low er
Production Drilling - Upper
Subsurface Engineering
Facility Engineering
Long Lead Procurement
Fabrication
Installation
2020 2021 2022 20232015 2016 2017 2018 2019
11
Reservoir Model Layout
Successful Exploration Seasons
Flow Testing Confirms Ability to Produce at Economic Rates
Reservoir Model
Alaska – Umiat | Reserves & Project Economics
A total of 4 flow and build-up test periods were performed at different rates and
pressures
Main objective was to collect build up data for reservoir modeling
Sustained flow rates of up to 250 bbl / day
Excellent quality 38.5 API gravity oil
13 Pads +/- 150 wells
Oil water contact noted in red
Wells laid out on a 40 acre pattern
Well spacing 450’
Wells with ~3,000’ lateral length
Independently certified 2P Reserves of 155mmbbls
2012 / 2013
Mobilised rig and support equipment to Umiat
Drilled Umiat #18
-Vertical Cored Well
2013 / 2014
Drilled Umiat 23H
- Horizontal well drilled to 4,100’MD, 986 TVD and -390SS
- Production test
Demobilised all equipment
12
Access Route Selection Goals The Potential Routes
Access Route Selection Process
Provide the potential infield road alignments, locations for
drill sites, facility pads and gravel mine sites
Provide the potential Umiat route alignments, bridge length
estimates, geotechnical evaluation, wetlands comparison
and gravel mine site
Estimate Road/Pipeline/Bridge Cost of technically feasible
routes
Project will leverage existing export infrastructure with low
risk tie-in to TAPS pipeline
12 potential routes initially identified
Reduced to six potential routes based on technical and
permitting constraints
Maximum allowable road grade
Proximately to environmentally sensitive areas
Proximity to Toolik Research Station
Reduced to three potential routes based on selection
criteria
Option to build a road or maintain pipeline through remote
access
Alaska – Umiat | Export Options
13
Targeting Peak Production >50,000 bbl / day
Project Cash Flow
Alaska – Umiat | Target Production and Cash Flow Profile
0
5
10
15
20
25
30
35
40
45
50
0
2
4
6
8
10
12
14
16
18
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047
mbbl / day
mm
bo
e
(1,000)
(500)
-
500
1,000
1,500
2,000
2018 2023 2028 2033 2038 2043
US
$m
m
Oil Revenue Production and Ad Valorem Tax LOE and Other Costs Capex Alaska Government Rebate Net Cash Flow
Ryder Scott PV10: US$2.5 billion(1)
(1) PV10 based on original Ryder Scott Report. Project Cashflow Flow based on delayed WOR development plan
14
Wyoming Enhance Oil Recovery Project
31 producing wells across 3 fields in the Powder River Basin
Potential for enhanced oil recovery development using waterflood, carbon dioxide
EOR and horizontal drilling
Expected peak production of up to 10,000 – 15,000 bopd
Has 3P Reserves of 64 mmboe and net PDP of 765 mboe, 100% in oil
27,821 net acres across three field areas in the established Powder River Basin:
Big Muddy, South Glenrock and South Cole Creek
EOR to be used for Wyoming properties including CO2 injection
Reservoir modeling, pre-feasibility study of CO2 pipeline routes and FEED study
on the CO2 recycle facility have been completed
Entered agreement with ExxonMobil to provide up to 25 mmcf per day of CO2 on
an interruptible basis
Original oil-in-place for the combined fields is c.467 mmbbl with cumulative
production of ~90 mmbbl (19%)
Key Highlights Asset Location
Asset Overview
EOR Development in Wyoming with 3P Reserves of 54mmboe
15
Linc Energy operates the world’s longest running commercial UCG facility in Uzbekistan
The Company owns the world’s only UCG to liquids demonstration facility at Chinchilla,
Australia
Currently developing a UCG to GTL project in South Africa in partnership with Exxaro
Resources. A strategic license and JV agreement to develop UCG in Sub-Saharan Africa
was signed with Exxaro in June 2013
Linc Energy owns 17 applications and published patents and 16 registered trademarks on
its proprietary UCG technology
In negotiations with several potential JV partners in SE Asia to develop UCG in the region
Linc Coal and UCG Assets
Underground Coal Gasification Operations
Linc’s UCG Projects and Technology
Overview
Queensland
Chinchilla UCG Demonstration Facility (1)
80,803 acres Coal Tenements
Surat Basin
South Australia
1,067,989 acres Coal Tenements
Walloway and Arckaringa Basin
Uzbekistan
Yerostigaz Facility
917 acres Coal Tenements
Alaska
167,917 acres Coal Exploration Tracts Cook Inlet Basin and Interior
Wyoming
180,651 acres Coal Leases
Powder River and Washakie Basins
Poland
53,374 acres Coal Exploration Lease
Sub
-
saharan Africa
Signed formal agreement with Exxaro
develop commercial UCG projects ( A$30 million licence fee with royalty
payments and consultancy fees ) : Coal exploration tracts, leases, and tenements
: UCG facilities and agreements
to
Background to UCG
Underground coal gasification has the potential to monetise stranded coal assets
Underground Coal Gasification involves the gasification of underground coal to produce
synthesis gas (syngas) made of carbon monoxide, hydrogen and methane
UCG syngas and by-products can then be used as feedstock for different downstream
processes:
Power generation (gas turbines, boilers, gas engines);
Conversion into synthetic crude (syncrude) using the GTL Fischer-Tropsch synthesis
process and then refined into liquid transportation fuels (Diesel, Jet Fuel) and chemical
feedstock (Naphtha);
Conversion into Synthetic Natural Gas;
Conversion into chemical feedstock; and
Enhanced Oil Recovery
Linc Energy is a world leader in underground coal gasification
It has a commercial operating facility in Asia and a large portfolio of future potential
operations
The Company has developed its UCG process to be more energy and cost efficient,
improving its attractiveness for global application
16
Linc Energy Proprietary Technology | UCG’s Potential across Stranded Coal Assets
Areas with coal reserves / UCG potential
Major oil & gas markets
China
Mongolia
Australia
Indonesia
India
64.1
Estimated availablecoal reserves for UCG
(Bt)
Korea
Japan
44.0
Estimated availablecoal reserves for UCG
(Bt)
14.3
Estimated availablecoal reserves for UCG
(Bt)
Estimated availablecoal reserves for UCG
(Bt)
c.100.0
51.8
Estimated availablecoal reserves for UCG
(Bt)
(in billion tonnes)
(in billion tonnes)
(in billion tonnes)
UCG’s Potential – Asian Stranded Coal Deposits
(in billion tonnes)
(in billion tonnes)
17
Linc Energy Proprietary Technology | Heavy Oil
Current Heavy Oil Technology
MIGD Detailed Overview
Current Heavy Oil production technologies fall into two main types, steam and combustion technologies
Steam production technologies include Cyclic Steam Stimulation and Steam Assisted Gravity Drainage, both of which are commercial technologies
Combustion technologies include Fireflood and Toe to Heal Air Injection, however these methods are not commercial as yet in most cases
Reservoir engineering has indicated 100bopd can be produced, with
commercial well designs to produce 300 to 500 bopd, with potential
for over 700 bopd
Oil production per well shows a flat profile over typical lifetime of 5 to
10 years
Oil can be sold at the wellhead with no further processing
Capital costs are expected to be $35,000/bopd, at scales of 10,000
bopd
Next steps involve proving MIGD in practice in the field in a
brownfield development, before expanding to over 2,000 bopd of
production and a large scale greenfield commercial project of 10,000
bopd or more
Hot Zone
Steam Zone
Cracking Zone
Combustion Zone
Burned Zone
Oil Drains To Production Well
Air Injection
Oil Production
Injection Well
Production Well
MIGD Diagram
Heavy Oil Extraction Technology
Moving Injection Gravity Drainage (“MIGD”) is an in-situ
combustion method of extracting heavy oil
Expected to work on reservoirs not suited to steam technology
including thin, fractured, low permeability shale and
heterogeneous reservoirs
Technology promises improved performance compared to steam
extraction including lower cost of oil extraction, lower water and
natural gas usage, less water requiring treatment and higher
quality of oil produced
18
SAPEX Australian Shale Oil
Light, sweet crude oil findings at the Maglia-1 well
Two independent estimates of unrisked prospective resources for
unconventional reservoirs at 103 and 233 bboe
Lease position located on 16mm continuous acres of the Arckaringa Basin
Estimated risked unconventional prospective resources of 3.5 bboe at
51% liquids
Formation D&M Gustavson
Stuart Range 16.2 bboe 13.3 bbbl
Boorthanna 15.2 bboe 12.5 bbbl
Pre-Permian 71.5 bboe 207.1 bbl
Total 103 bboe 233 bboe
Key Highlights
Linc Energy holds 7 exploration licences and 2 licence applications in their
entirety for the Arckaringa basin
The current acreage position covers ~16mm contiguous acres representing
about 80% of the Basin
Independent consultants DeGolyer and MacNaughton (D&M) and Gustavson
Associates estimate unrisked prospective unconventional resources of 103 and
233 bboe respectively
Upside potential through conventional oil targets which Gustavson estimate to
be 125 bbbl
Maglia-1 provided live oil samples and proof of an active petroleum system in
the Arckaringa Basin
Exploration rights exceed 10 years over prospective areas
Asset Overview
Unrisked Unconventional Resources
Asset Location
19
SAPEX Australian Shale Oil | Basin Geology
Eromanga Basin
Bulldog Shale – Dark grey mudstone deposited in an epicontinental sea
Cadna-Owie Formation – Sandstone deposited in marginally marine to non-marine environment (artesian acquifer)
Aglebuckina Sandstone – Conglomerate quartz deposited in braided fluvial system (artesian acquifer)
Arckaringa Basin
Mount Toondina – Interbedded sandstones and siltstones deposited in restricted marine and fluvio-deltaic environment overlain by lacustrine carbonaceous
shales and coals
Stuart Range – Restricted marine organic rich laminated black shales interbedded with some minor sandstones
Boorthanna Formation – Glacigene sediments (diamictites), sandstones, and minor mudstones and carbonates
Officer Basin Pre-Permian – Neoproterozoic in age and was formed on crystsalline basement as an intracratonic downwarp initiated by extension of the crust. The basin
was contemporaneous with the Amadeus, Ngalia, Georgina and Warburton Basins of Australia
Basin Geology
20
Arckaringa Basin Properties Comparison
SAPEX Australian Shale Oil | Arckaringa Basin Comparison
Arckaringa Basin Eagleford Bakken
Age Permian, Pre-Permian Cretaceous Devonian, Mississippian
Lithology Marine shale, siltstones, carbonate Luminous Shale Sandstone, Carbonate
Depth 2,000 – 6,500+ ft / 600 – 2,000+ m 7,000-14,000 ft / 2,100-4,300 m 8,500-10,500 ft / 2,600-3,200 m
Thickness of Target Zones 230 – 1000+ ft / 70 – 300+ m 150-300 ft / 45-90 m 10-150 ft / 3-45 m
Porosity 5 – 17% 6-14% 3-8%
Permability (nd) 5,000-210,000 1,100-1,300 4,000-10,000
Kerogen Type Type I / II Type II Type I/II
TOC 4.5 - 10% 2-6% 7-22%
Vitrinite Reflectance (Vro) 0.5 – 1.35% 0.5-1.4% 0.5-1.0%
Tmax ~825o F / ~440o C 833o F / 445o C 800o F / 425o C
Estimated Recoverable Resource ~ 3.5 billion boe 10.8 billion boe 5.4 billion bbl
Play Acreage (‘000 km2 / m acres) 16.2 / 4.0 19.7 / 4.9 16.9 / 4.2
21
Board and Management
Experienced Management and Board
Management Board
Craig Ricato | Chief Executive Officer & Managing Director
– Served as both an Executive Director and most recently as a Non-
Executive Director on Linc Energy’s Board since 2010 and was
appointed CEO and Managing Director on 1 October 2014
– Brings a broad range of international corporate and commercial
experience to Linc Energy across the energy and resources industry
Michael Mapp | Chief Operating Officer
– Successful mining professional who has been working in the industry
for more than 20 years
– Joined Linc Energy from Intra Energy where he held the position of
Chief Operating Officer
Chris Munday | Chief Financial Officer
– 20 years’ experience as a Chartered Accountant, including six years as
a Partner in the Transaction Advisory Services division of EY
– During his career, Chris has gained extensive experience developing
and implementing financial restructuring, refinancing and business
growth strategies for publically listed companies
Janelle van de Velde | Chief Administrative Officer / Company
Secretary
– Janelle joined Linc Energy in August 2006 and in this time has held
many diverse roles including investor relations, corporate
communications and stakeholder relations
Peter Bond | Chairman
– Successful track record in the coal and mining industries, both in
Australia and overseas
– Business interests include mineral, mining and associated operations in
Australia and South East Asia
Ken Dark | Non-Executive Director
– Ken Dark was appointed to the Linc Energy Board in October 2004 and
was Chairman from September 2011 to October 2014
Jon Mathews | Non-Executive Director
– Over 30 years of experience in the coal mining industry
– Prior to joining Linc Energy in 2009 was a consultant to the coal mining,
transport and waste industries
Lim Ah Doo | Non-Executive Director
– Brings vast experience and wide knowledge as a former senior banker
and corporate executive
– Also an Independent Director and Chairman of the Audit Committees of
Sembcorp Marine Ltd, GP Industries Ltd and ARA-CWT Trust
Management (Cache) Limited
Ong Tiong Soon | Non-Executive Director
– Chief Executive Officer of the Energy Division of Genting Berhad
22
Company History
Date Event
October 1996 Incorporation of Linc Energy N.L. to develop and commercialise Underground Coal Gasification (UCG) technology
May 2006 Listed on the Australian Securities Exchange – LNC
October 2007 Acquires controlling interest in Uzbekistan's Yerostigaz – the only commercially operating UCG company in the world
October 2008 Produces first syncrude from a UCG to GTL facility at Linc Energy’s Chinchilla pilot plant.
October 2008 Acquires South Australia petroleum and gas explorer, SAPEX Limited. Providing exploration opportunities in the Arckaringa and Walloway basins for UCG and Oil Shale
September 2009 First United States acquisition with the purchase of 92,059 acres of Powder River Basin coal leases from GasTech Inc.
December 2009 Acquired an additional 81,268 acres of coal lease areas in Wyoming, Montana and North Dakota, United States from GasTech, Inc.
March 2010 Expands globally - opening an office in Denver, USA
July 2010 Acquires Alaskan oil and gas leases located in the Cook Inlet Basin, Alaska from GeoPetro Alaska LLC (NYSE Amex: GPR)
August 2010 Linc Energy sells Carmichael coal mine in the Galilee Basin in Queensland to Adani Enterprises Ltd, for $A500 million and a $2/t royalty for 20 years of coal production
October 2010 Acquires 10 per cent of AFC Energy, a UK listed company focused on the development and construction of low cost hydrogen fuel cells for the cleanest power generation
February 2011 Acquires producing oil fields in Wyoming from Rancher Energy Corp., securing oil production and a significant carbon dioxide enhanced oil recovery opportunity
July 2011 Purchased an 84.5% working interest in the Umiat oil field in Alaska
October 2011 Acquires 14 oil fields covering approximately 13,400 acres in Texas and Louisiana Gulf Coast Region from ERG Resources LLC
November 2011 Secures coal exploration lease in Poland for UCG, in the south eastern part of the Upper Silesia Coal Basin.
June 2013 Signs formal agreements with Exarro Resources to develop commercial UCG projects in Sub-Saharan Africa
December 2013 Listed on the Mainboard of the Singapore Exchange (SGX: TI6) and delisted from the Australian Securities Exchange
August 2014 Sells Carmichael Mine Royalty to the Adani Group for AU$155 million
October 2014 Peter Bond becomes Chairman of the Board and fellow Board member, Craig Ricato, appointed to the position of CEO and Managing Director
February 2015 Sells its conventional coal business to United Mining Group
23
Summary
High quality, global asset portfolio in all stages of development, from exploration through to production.
Low cost opportunity to apply UCG based technology to the recovery of Heavy Oil.
Targeted capital expenditure program and low operating cost mindset to reduce cash burn and increase revenue from existing assets.
1
4
5
A leader in UCG technology - strategically positioned and equipped to capitalise on robust demand for oil and gas in Asia, and, in particular, the switch from oil to gas in regional markets.
3
Corporate focus on capital restructuring to achieve a sustainable capital structure. 6
Conventional oil & gas assets with significant reserve base and low cost production. 2