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Linc Energy Limited spuds first Alaskan gas exploration well

25 October 2010

Australia-based underground coal gasification (UCG) specialist Linc Energy Limited has spudded its first gas exploration well (LEA #1) on its oil and gas leases located in the Cook Inlet Basin, Alaska.

The spudding of the LEA #1 well is the first drilling activity in Linc Energy’s Alaskan exploration program. The well has been designed to target a number of stacked gas objectives whilst intersecting regional coal measures.

Earlier this year, Linc acquired approximately 122,000 acres of State of Alaska and Alaskan Mental Health Trust oil and gas leases located in the Cook Inlet Basin, Alaska from GeoPetro Alaska LLC. The acquisition is intended to secure short-term revenue opportunities from traditional oil and gas prospects, while also establishing an immediate ability to pursue further opportunities for UCG.

Spudding LEA #1 in such a short period since the acquisition of these leases is a significant achievement by Linc Energy’s Alaskan staff and one which further demonstrates our committed effort to enter the United States energy market. These Alaskan assets will be a definitive part of the early cash-flow opportunities for Linc Energy in the months ahead.

—Peter Bond, CEO

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