Linc Energy Limited (ASX:LNC) Quarterly Report For The Period Ending 30 September 2009

Brisbane, Oct 30, 2009 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC)(PINK:LNCGY) announced the successful completion of an institutional placement of 41 million new ordinary shares at A$1.40 per share to raise A$57.4 million in capital. The placement was oversubscribed and Linc Energy received strong support from existing and new institutional investors.

Linc Energy also announced a placement offer to eligible shareholders through participation in a share purchase plan (SPP). It was announced that existing shareholders will be given the opportunity to participate at the same price as institutional investors, being A$1.40. The SPP was capped at A$2O million.

It was announced that both capital raising activities would provide working capital to accelerate and expand drilling and exploration programs in South Australia and Queensland; accelerate design of the 20,000 barrel per day commercial Gas to Liquids (GTL) facility; complete the fourth UCG generator at the Chinchilla Demonstration Facility; accelerate site selection and first commercial operations on Linc Energy's South Australian tenements; complete the purchase of the Wyoming coal tenements in the Powder River Basin in the United States; complete Stage 1 of the Vietnam, trial UCG Tonkin Project; undertake seismic and traditional oil and gas exploration on Linc Energy's Arckaringa Basin tenements, South Australia; expand Linc Energy's engineering, research and corporate workforce; and redeem the majority of convertible notes issued by Linc Energy and cancel the current convertible note facility.

Share Purchase Plan (SPP)

On 11 August, and in relation to the capital raising announcement made on 30 July, Linc Energy announced its share purchase plan for eligible, ordinary shareholders, entitling application for up to A$15,000 worth of new, ordinary paid shares in Linc Energy at A$1.40. The SPP period ran from l-7 August through to 4 September 2009.

SPP results

On 16 September, Linc Energy announced that applications for approximately A$7.708 million worth of ordinary paid shares were received from eligible shareholders who participated in the SPP.

Linc Energy announced it would not be calling on the underwriter to take the shortfall of the capped A$20 million. The total capital raised from the institutional placement and the SPP was over A$65 million.

United States coal acquisition complete

On 4 September, Linc Energy announced it completed the purchase of 92,059 acres of Powder River Basin coal leases in Wyoming, from GasTech lnc.

Following the transaction, Linc Energy holds 100 per cent interest in the leases and will shortly start necessary site selection work, permit and approval processes to obtain a commercial UCG operational permit.

Linc Energy also announced its intention to open a US head officer in Denver, Colorado and a project office in Casper, Wyoming to support its UCG operations and pursue additional opportunities in North America to further its planned UCG to GTL commercialisation across the US.

Linc Energy 2008-2009 Annual Report

On 24 September, Linc Energy lodged its Annual Report to the Australian Securities Exchange (ASX) and this is now available on both the Company and ASX website.

Convertible Notes Redemption

On 30 September, Linc Energy issued a series of 38 notices, which included notice of the cancellation of the last four convertible notes on issue, following their redemption. No other convertible notes remain on issue and Linc Energy has now terminated the facility, with no intention of issuing further debt instruments in the medium term.

Linc Energy appoints Chief Financial Officer

On 16 October, Linc Energy announced the appointment of Anton Rohner as Chief Financial Officer, commencing in November 2009.

Anton joins Linc Energy from Macquarie Bank where he held the position of Managing Director for Renewable Energy and Utilities, responsible for securing developments in these areas throughout Asia and Africa. With 19 years experience across the energy, mining and resources sectors, Linc Energy looks forward to Anton's upcoming contribution.

For the complete Linc Energy Quarterly Report for the period ending 30 September 2009, please click the link below:

http://www.abnnewswire.net/media/en/docs/61672-ASX-LNC-215357.pdf

Contact

Information for Media: Mr Peter Bond Chief Executive Officer Tel: +61-7-3229-0800 Email: pab@lincenergy.com.au ASX Contact: Mr Craig Ricato Company Secretary Tel: +61-7-3229-0800 Email: craig.ricato@lincenergy.com.au Information for investors: Ms Janelle van de Velde Manager, Investor Relations & Corporate Communications Tel: +61-7-3229-0800 Email: janelle.vandevelde@lincenergy.com.au