Updated November 7 2.16pm local time

Linc Energy (ASX: LNC) (OTCQX: LNCGY) has announced its shareholders on Wednesday approved it to delist from the Australian Securities Exchange.

LNC will subject to final regulatory approval subsequently list on the on the Singapore Exchange (SGX).

Chairman Ken Dark thanks the shareholders for supporting the move.

"This change is the outcome of a strategic review into realising the value in Linc Energy and I am confident the move to the SGX will
facilitate this value creation," says Dark.

CEO and managing director Peter Bond, pictured, adds that since its 2006 ASX listing LNC has grown into a diversified energy group.

"Today, we have a portfolio of conventional and unconventional oil, gas, shale and coal assets, located across Australia and the USA, with our unique proprietary underground coal gasification (UCG) technology on the cusp of commercialisation," says Bond

“Whilst our story continues to evolve, we remain focused on developing our assets and unlocking share price value as we do so.

“Singapore is an international capital markets centre, as well as an emerging oil and gas hub, and is the ideal platform to facilitate Linc Energy’s long term Asian growth strategy.

"I expect the move to the SGX to be a catalyst of change which will allow Linc Energy to broaden its investor base and improve access to oil and gas and energy investors from around the world who appreciate and recognise the full value of our considerable asset base for shareholders.”

LNC's operations will remain otherwise unchanged with the company maintaining its Brisbane headquarters.

Indicative transaction timetable:

November 15 - ASX trading suspension;

November 22 - Share transfer form return deadline;

December 6 - LNC officially delisted from the ASX;

December 6 - LNC officially listed on the SGC.

October 2

LINC ENERGY has announced plans to delist from the ASX and move to the Singapore exchange, to attract international investors.

Singapore is seen as an emerging regional oil and gas hub, with increasing demand from the Asian market.

CEO Peter Bond (pictured) says the transition will improve capital market access and ability to market new technology.

“Industry leadership in an international capital markets hub will strengthen our status as a global energy company, helping to recognise the value of our UCG technology and our energy assets, which are located near population centres across Australia, Asia, Europe, Africa and the USA that have high demand for energy,” says Bond.

“As Asian economies continue to grow, demand for energy is expected to increase faster than anywhere else in the world and gas is destined to fulfill an increasing proportion of the region’s energy needs,” he says.

“We will be well positioned to capitalise on Singapore’s strategy to become one of the world’s top three major oil & gas trading hubs,” he says.

Linc headquarters would remain in Brisbane, with the company considering offering shares to new investors.

A general meeting will be held on November 6 for shareholder approval.

Testing will continue at Linc Energy’s (ASX:LNC) remote Alaskan oil tenement after the explorer received promising results from the Umiat well last drilling season.

The Umiat #18 core has “outstanding” permeability and porosity and the sandstone is preferred for optimal oil flow, the company says in a statement today.

It says there were “robust” hydrocarbon signatures and the reservoir rock is “high quality”.

“Visible oil is readily apparent in the core samples under ultraviolet light, confirming the Lower Grandstand reservoir is completely saturated with hydrocarbons (oil), the company says in an announcement.

The company’s foray into the remote areas has been met with some challenges and Scott Broussard, President of Oil and Gas, says the experience and results gained from drilling in the Arctic permafrost last winter has provided Linc Energy’s oil and gas team with valuable data to further analyse the Umiat field.

“Our technicians continue to analyse core plug sections at simulated reservoir temperatures to ensure we incorporate all the learnings into this year’s drilling program,” he says.

Linc will construct a 175km snow road to Umiat to support winter operations, but drilling won’t be dependent on its completion as the rig is already in place and operations are expected to commence in December.

The 23H horizontal wll will be drilled and flow-tested and there is an option to do the same on the 24H horizontal well, dependent on timing.

CEO and managing director of Linc Energy Peter Bond says the company can confidently approach this winter’s drilling program with knowledge and expertise.

“Successfully flowing oil from the horizontal well unlocks an enormous amount of value for the Umiat asset and the results could potentially transition some of the reserves to the proved category,” says Bond.

“With over one billion barrels of oil in place and 2P reserves of 154.5 million barrels of oil equivalent, this is truly is a world class asset and one Linc Energy is very pleased to be developing in Alaska which I am confident is one of the best current locations for state incentives and business cooperation in the world today.”

Umiat is located on the Alaskan North Slope, about 100km north of Anaktuvuk Pass and 100km south of Nuiqsut.

It has been estimated by Ryder Scott to contain Proved & Probable (2P) reserves of 154.5 million barrels of oil equivalent (MMboe), and Proved, Probable & Possible (3P) reserves of 194 MMboe.

Linc Energy’s winter drilling program marks not only the first drilling at Umiat since the late 1970’s, but the first time modern arctic drilling techniques will be applied to the reservoirs.

Linc Energy anticipates peak production could be approximately 50,000 barrels of oil per day (gross).

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