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Investor Linc Newsletter

September 2011 /19

GOING GLOBAL

Oil And Gas In The Cook Inlet Basin

It is well known that Linc Energy acquired 122,000 oil and gas leases in Alaska’s Cook Inlet Basin over 12 months ago, where soon after, drilling began on the company’s first North American exploration well, LEA 1, located on the Point Mackenzie block.

Part of a regional program for Linc Energy’s entrance into Alaska, LEA 1 provided the company with a significant amount of information about the region and its coal measures. Drilling LEA 1 has indicated a significant coal zone that appears to be highly suitable for UCG. As an additional benefit, this drilling program fully secured Linc Energy’s rights to all of the acreage it acquired and established the company as a serious and prudent operator in one of the world’s most challenging and closely regulated oil and gas provinces.

Linc Energy is now preparing for further Alaskan natural gas drilling with the unitisation of oil and gas leases to the south of LEA 1. Existing seismic data over this area indicates the presence of a large structure with additional drill targets. Once the area is unitised, Linc Energy will acquire new seismic data over the area to better define the structure and delineate additional drill targets. The USA Big Lake 1 well, originally drilled in the mid-1960s, is located within the proposed unit area. While showing no oil in the original drilling, USA Big Lake 1 did indicate the possible presence of natural gas.

Linc Energy has a great deal of acreage in Alaska from which to explore for both oil and gas and coal for UCG. It is the company’s goal to quickly identify optimum locations. Linc Energy received approval of the 2011 Plan of Operations for exploration on the Alaska Mental Health Trust UCG licence acreage and exploration has started with regional geophysical analysis, field mapping and coal correlations from existing well logs in the Cook Inlet region. The first phase of drilling is expected to begin by the fourth quarter.