Photo by: Bloomberg
PERTH (miningweekly.com) – Singapore-listed Linc Energy has received unsolicited expressions of interest for its US oil assets.
The company told shareholders this week that it had started a formal process to work with the parties that had expressed an interest in the Umiat and Wyoming conventional oil assets to determine whether an agreement could be reached.
The Umiat oil field has a proven and probable reserve of about 154.5-million barrels of oil equivalent, and a proved, probable and possible reserve of 194-million barrels of oil equivalent, while Wyoming was expected to host about 67-million barrels of oil equivalent proved, probable and possible reserve.
“It is early days on the oil asset negotiations, but it is always nice to receive unsolicited approaches on our assets that reconfirm the underlying value and provide third-party validation,” said Linc MD and CEO Peter Bond.
“We will endeavour to conclude discussions before the end of 2014,” he added.
In the meantime, Linc would continue with business as usual, Bond said, adding that the company’s focus would be on exploring and developing its shale deposits in South Australia, and the continued development of its Gulf Coast oil assets, as well as the development of its underground coal gasification in new areas of business.