Brisbane, Sep 6, 2012 (ABN Newswire) - Linc Energy Ltd (ASX:LNC) (OTCQX:LNCGY) is pleased to announce it has reached agreement on the terms for an extension of its previously announced A$120 million Line of Credit facility with an affiliate of Fortress Investment Group LLC until 24 July 2015. The agreement is subject to standard conditions precedent expected to be satisfied within the next 30 days.
The facility is secured by certain assets of the Company but allows the Company to deal with those assets and repay any drawn down funds at any time during the availability period and does not prevent the Company's ability to raise more funds as and when it may require them in the future.
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 Limited T: +61-7-3229-0800 F: +61-7-3229-6800 WWW: www.lincenergy.com.au