Petroleum Africa
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Friday, January 17, 2014
Linc Energy Ltd. confirmed the receipt of A$20 million from Exxaro as the second tranche payment under the IP License Agreement. This payment is in recognition that all conditions precedent contained within the Intellectual Property License Agreement, Services Agreement and Master Agreement executed with Exxaro Resources in May 2013, have now been satisfied.
Satisfaction of all conditions precedent within the suite of agreements now gives both parties the go ahead to continue development of the first joint underground coal gasification (UCG) project following completion of the joint Concept Study which was completed in December.
Linc Energy is entitled to a further payment of A$7 million upon the successful completion of the first gasifier passing agreed performance tests as well as ongoing royalties for the synthesis gas produced and equity participation in future projects.
Peter Bond, MD and CEO of Linc Energy, said, “We are delighted to receive the A$20 million payment from Exxaro but even more delighted to be moving this exciting project forward to first production. It is an exciting time for Linc Energy shareholders as we begin to commercialize our world leading position in UCG.”
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