Notes on Linc Energy

I spent the weekend drilling down on Linc Energy.  Key findings as follows:

~575 million shares on Singapore exchange @ S$1.20 = ~USD$575 MM mkt cap
long term debt = ~$465 MM
Cash = ~$116 MM + ~50 MM net proceeds from SGX IPO
EV = ~875 MM
2013 EBITDAX = USD$78 million

Assets
Gulf Coast Region 1P PV10 = $610 MM

Umiat 2P PV10 = $2.4B

Blair Athol Mine & Teresa Project Proved + Probables = A$440MM
Coal in Pentland & Dalby too.

Wyoming CO2 EOR project 2P PV10 = 0; 3P PV10 = $1.14B; all three fields currently under waterflood which speaks well for CO2 EOR chances

Invested A$210 MM (USD$196 MM) in UCG over last 9 years.  Ready for commercialization.
UCG operation in Uzbekistan.  Possibilities in Russia, Poland, Ukraine, South Africa, Wyoming, Alaska.

Contracted royalty stream from Carmichael coal tenement of $2 per ton (indexed to CPI) expected to commence 1Q2017

Arckaringa Basin unconventional has potential to be even  better than the Bakken or Eagle Ford (much thicker).  100% WI in 16 million acres.  Several enormous conventional leads.  Three largest conventional leads each have best estimates of prospective resources of 18B to 22B barrels!