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Brisbane, Aug 27, 2012 (ABN Newswire) - Linc Energy Limited (
ASX:LNC) (OTCQX:LNCGY) is pleased to announce the completion of an independent reserve estimate report for 100% of the Company's interest in the Umiat oil field project ("Umiat project") located in Alaska, USA.
The 2P reserves estimate for the Umiat project is 154.5 MMboe and the 3P reserves estimate is 194 MMboe.
These res erve estimates have net present values using a discount rate of 10% per annum compounded monthly ("NPV10%") of US$1.496 billion (for 2P reserves) and US$1.828 billion (for 3P reserves).
Linc Energy's Umiat oil field consists of 19,358 gross acres over three leases and is located in the western foothills/foldbelt province of the North Slope Foothills of Alaska.
The reserves estimate was conducted by independent consultants, Ryder Scott Company, L.P. in accordance with the definitions and guidelines set out in the 2007 Petroleum Resource Management System approved by the Society of Petroleum Engineers.
Linc Energy is well advanced with its plans to drill the Umiat location within this 2012 Winter drilling season.
The reserve estimate report prepared by Ryder Scott is attached to this announcement.
To view the complete Linc Energy announcement, please click the link below:
http://media.abnnewswire.net/media/en/docs/73454-ASX-LNC-244771.pdf
ASX:LNC) (OTCQX:LNCGY) is pleased to announce the completion of an independent reserve estimate report for 100% of the Company's interest in the Umiat oil field project ("Umiat project") located in Alaska, USA.The 2P reserves estimate for the Umiat project is 154.5 MMboe and the 3P reserves estimate is 194 MMboe.
These res erve estimates have net present values using a discount rate of 10% per annum compounded monthly ("NPV10%") of US$1.496 billion (for 2P reserves) and US$1.828 billion (for 3P reserves).
Linc Energy's Umiat oil field consists of 19,358 gross acres over three leases and is located in the western foothills/foldbelt province of the North Slope Foothills of Alaska.
The reserves estimate was conducted by independent consultants, Ryder Scott Company, L.P. in accordance with the definitions and guidelines set out in the 2007 Petroleum Resource Management System approved by the Society of Petroleum Engineers.
Linc Energy is well advanced with its plans to drill the Umiat location within this 2012 Winter drilling season.
The reserve estimate report prepared by Ryder Scott is attached to this announcement.
To view the complete Linc Energy announcement, please click the link below:
http://media.abnnewswire.net/media/en/docs/73454-ASX-LNC-244771.pdf
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About Linc Energy Limited
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.
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