Linc Energy Limited (ASX:LNC)
Brisbane, April 21, 2009 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC)(PINK:LNCGY) is pleased to announce that it has recently agreed to negotiate on an exclusive basis with one party in relation to the coal tenement sale process.
Linc Energy can also confirm that the negotiations now cover three of its coal mining tenements, being the Emerald (Teresa), Galilee and Pentland coal tenement areas. All three coal mining areas are non-core assets of the Company, though all have excellent coal mining potential.
The negotiations, whilst having progressed more slowly than the parties had anticipated over the past four weeks, are nearing completion.
Mr Peter Bond, CEO of Linc Energy said, "I must admit that many of the people on the buyers side and I were confident that our two groups would have completed the coal sale deal and subsequently been in a position to announce and sign the agreement by today. However, I am sorry to say that as yet we have not been able to reach the point where a formal announcement can be made. We are close, and a number of significant steps have been achieved over the past four weeks and I look forward to updating the market in the near future."
The Company will provide a further update to the market as soon as additional material information is available.
For further information please contact Mr Peter Bond.
Contact
Mr Peter Bond
Chief Executive Officer
Phone: +61 7 3229 0800
E-mail: pab@lincenergy.com.au
ASX Contact:
Mr Craig Ricato
Company Secretary
Phone: +61 7 3229 0800
E-mail: cr@lincenergy.com.au
Information for investors:
Ms Janelle van de Velde
Manager, Investor Relations & Corporate Communications
Phone: +61 7 3229 0800
E-mail: jcv@lincenergy.com.au
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