Linc Energy completes US coal acquisition
Posted: 4 September 2009
Linc Energy has completed the purchase of 92,059 acres of Powder River Basin coal leases in the USA from GasTech Inc.
"The completion of the acquisition of the Wyoming coal leases is a major milestone for the Company and a significant first step into the USA clean fuels market," said Mr Peter Bond, the CEO of Linc Energy.
"I would like to acknowledge the great support and welcome Linc Energy has received throughout this process from our colleagues at GasTech and the Governor of Wyoming, Mr Dave Freudenthal. We greatly appreciate the local community and state government support we have received and look forward to further strengthening these relationships in the future as we move quickly to UCG gas production in Wyoming."
Linc Energy Ltd has completed the purchase of 92,059 acres of coal lease areas in the Powder River Basin in Wyoming, USA, the details of which were previously announced to the market on 14 May 2009.
Following completion of the transaction, Linc Energy now holds a 100 per cent interest in the Wyoming coal leases and intends to shortly commence the necessary site selection work, permit and approval processes required in order to obtain a commercial Underground Coal Gasification (UCG) operational permit.
Prior to the end of 2009, Linc Energy intends to open a USA head office in Denver, Colorado and a project office in Casper, Wyoming to both support its UCG operations within Wyoming, and assist in capitalising upon additional opportunities in north America to further the Company’s planned commercialisation of UCG to Gas to Liquids (GTL) in the USA.
Posted by Richard Price, Editor, EnergyME.com
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