Quarterly Activities & Cashflow Report
OIL & GAS
- Appraisal drilling campaign at Umiat begins with commencement of snow road from Dalton Highway to drill site. Drilling rig staged at Deadhorse with mobilization to begin in mid-December with first well spud in mid-January.
- New Gulf Coast drilling portfolio of 50+ wells sets table for next major phase of production growth.
- Capital program assured through issuance of US$265 million bond.
- Final infrastructure engineering continues in Wyoming for EOR project. Potential long term CO2 source identified.
- Significant progress towards agreement on detailed commercial terms with Exxaro to support the commercialisation of UCG and GTL in Africa.
- Renewed assessment of opportunities in Queensland for commercial UCG to GTL following the recent change in state Government.
- Continued progress towards UCG Research and Development License Application in Wyoming.
- Ongoing evaluation of coal resources for commercial UCG project suitability in Poland, Australia, Africa, the USA and Asia.
- The divestment / joint venture strategy has been further defined with priority options being targeted in coming months.
- The drilling program for the Pre-Feasibility Study is now complete and JORC Reserve statements expected to be complete by the end of the calendar year.
- The works program for the EIS study has progressed in line with expectations. The ground water monitoring data collection process is underway which will enable the submission of the EIS for approval in Q2 2013.
- Work during the period focused on the technical evaluation of organic rich shales discovered in last year's Arckaringa Basin exploration program.
- SAPEX has been preparing a complete data base and other management presentation materials required to prepare for a sale process aimed at finding an experienced industry partner to join the Company in a JV or other arrangement to further explore and develop the potential shale oil resource.
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Linc Energy Limited