Linc Energy Spends US$50 Million On Undeveloped Alaskan Oil Asset
15 Junho 2011 - 9:43PM
Dow Jones News
Linc Energy Ltd. (LNC.AU) has paid US$50 million for a
controlling stake in an undeveloped Alaskan oil field as it
continues to build up its American oil interests.
Linc said it has agreed to acquire 85% of Renaissance Umiat LLC,
which it said owns a 100% working interest and 80% net revenue
interest in the Umiat project in Alaska's National Petroleum
Reserve.
Construction of a road to the field connecting it to the Dalton
Highway by the state of Alaska could commence in the next 12-24
months and take about 18 months to complete, Linc said.
"The public commitment by the state of Alaska to develop this
infrastructure was a significant factor in the decision by Linc
Energy to pursue this Alaskan development opportunity," the company
said.
Linc intends to build a pipeline from the field about 80 miles
west to the Trans-Alaska Pipeline System. Previous cost estimates
for pipeline construction are about US$207 million, it said.
During road and pipeline development, Linc said it intends to
conduct further exploration drilling, resource delineation and
development of the field.
It will fly a drill rig into the Umiat airstrip "as soon as
practically possible".
The 80% net revenue interest in the acquired leases is currently
attributed to net probable and possible reserves of 201 million
barrels of oil, Linc said.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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