Linc Energy

Linc sold the Carmichael Royalty back to Adani for AUD 155 m - of which AUD 90 m had been paid and the second payment of AUD 65 m is due to be received in Oct 2015.

However, to ease its liquidity problem, Linc had in April this year entered into a Receivable Factoring Facility Agreement with a third party Factoring Institution (FI) – Linc has agreed to assign its rights to receive the AUD$65 million to the FI in exchange for immediate cash, at a discount.

Hence, whether Carmichael mine goes ahead or not, it would have no subsequent economic relevance to Linc anymore.

This is the type of Co that SGX is attracting to list... Even Genting oso no match for Linc...

Linc Energy hid gas leak dangers, court told

• THE AUSTRALIAN
  
• OCTOBER 24, 2015 12:00AM
  

Sarah Elks
[Image: sarah_elks.png]
Reporter
Brisbane

[Image: 459594-f0aecd0a-7941-11e5-9d9b-7b73a423a28f.jpg]
Linc Energy boss Peter Bond. Picture: Anthony Weate. Source: News Corp Australia
[b]Linc Energy “misled” regulators and the public about the extent of potentially cancer-causing gas leaks at its Queensland test site in order to raise capital and convince the state government its technology was safe, a court has heard.[/b]
The company is defending five charges of wilful, reckless and irreversible environmental harm caused by its underground coal gasification project near Chinchilla, west of Brisbane, ­between 2007 and 2013.
Prosecutors yesterday told a Dalby Magistrates Court committal hearing that Linc management, including its millionaire boss Peter Bond, knew of dangerous gas leaks, fractures in the earth, and possible contamination of nearby valuable grazing land. But it continued to operate and “conceal the true state of affairs”.
When drilling engineer Raymond Cowie warned Linc management that a new gasifier should not be sunk in a certain location because of unsafe “man-made fractures” found in the earth, he was allegedly told by management to “just make it happen”.
When secret internal advice to Linc by its own technical team warned the Macalister coal seam should no longer be used and had been “deemed unsuitable” for UCG development, the ­advice was ignored. “They seem to be doing one thing and saying another,” prosecutor Ralph Devlin QC, for the Queensland ­Environment Department, told the court.
The court heard Linc needed to convince Queensland regulators that the experimental technology — which involves underground coal burning to create gas, which is then converted into liquid fuel — worked and was safe. It also had to convince the public and potential shareholders.
Linc assured government regulators in June 2012 there was no widespread gas leakage at the site, despite evidence of a “plume of contamination”. This statement was “apt to mislead”, Mr Devlin argued, because the regulator was responsible for a final recommendation to the government about the technology.
In June 2013, Mr Bond ­boasted in an interview that Linc’s Chincilla operation was a world-leader in UCG and it had operated five gasifiers “without incident” for years. This, Mr Devlin said, was ­despite repeated warnings to Mr Bond of serious and harmful gas leaks.
The committal hearing continues.

(23-10-2015, 10:57 PM)greengiraffe Wrote: This is the type of Co that SGX is attracting to list... Even Genting oso no match for Linc...

Linc Energy hid gas leak dangers, court told

• THE AUSTRALIAN
  
• OCTOBER 24, 2015 12:00AM
  

0

Sarah Elks
[Image: sarah_elks.png]
Reporter
Brisbane

[Image: 459594-f0aecd0a-7941-11e5-9d9b-7b73a423a28f.jpg]
Linc Energy boss Peter Bond. Picture: Anthony Weate. Source: News Corp Australia
[b]Linc Energy “misled” regulators and the public about the extent of potentially cancer-causing gas leaks at its Queensland test site in order to raise capital and convince the state government its technology was safe, a court has heard.[/b]
The company is defending five charges of wilful, reckless and irreversible environmental harm caused by its underground coal gasification project near Chinchilla, west of Brisbane, ­between 2007 and 2013.
Prosecutors yesterday told a Dalby Magistrates Court committal hearing that Linc management, including its millionaire boss Peter Bond, knew of dangerous gas leaks, fractures in the earth, and possible contamination of nearby valuable grazing land. But it continued to operate and “conceal the true state of affairs”.
When drilling engineer Raymond Cowie warned Linc management that a new gasifier should not be sunk in a certain location because of unsafe “man-made fractures” found in the earth, he was allegedly told by management to “just make it happen”.
When secret internal advice to Linc by its own technical team warned the Macalister coal seam should no longer be used and had been “deemed unsuitable” for UCG development, the ­advice was ignored. “They seem to be doing one thing and saying another,” prosecutor Ralph Devlin QC, for the Queensland ­Environment Department, told the court.
The court heard Linc needed to convince Queensland regulators that the experimental technology — which involves underground coal burning to create gas, which is then converted into liquid fuel — worked and was safe. It also had to convince the public and potential shareholders.
Linc assured government regulators in June 2012 there was no widespread gas leakage at the site, despite evidence of a “plume of contamination”. This statement was “apt to mislead”, Mr Devlin argued, because the regulator was responsible for a final recommendation to the government about the technology.
In June 2013, Mr Bond ­boasted in an interview that Linc’s Chincilla operation was a world-leader in UCG and it had operated five gasifiers “without incident” for years. This, Mr Devlin said, was ­despite repeated warnings to Mr Bond of serious and harmful gas leaks.
The committal hearing continues.

Interesting case indeed, which I have been following closely. Well, there are always two sides to every story.....................................

"Here I should stress that if Linc was guilty of recklessly and wilfully spoiling the environment it deserves everything it gets."

_____________________________________________________________________________________________________________________________________
Opinion: Linc Energy contamination claims refuted by international geochemical expert
June 19, 2015 10:00pm
Des HoughtonThe Courier-Mail

THERE was something troubling in the way the State Government went after Linc Energy, the gas company accused of “wilful ­environmental damage” at Chinchilla on the Darling Downs.

Environment Minister Steven Miles flew journalists and camera crews to Chinchilla on the Government jet to personally announce fresh charges against Linc brought by the Department of Environment and Heritage Protection.

The case is all about escaping hydrogen and carbon monoxide. Miles generated plenty of hot air of his own. Here I should stress that if Linc was guilty of recklessly and wilfully spoiling the environment it deserves everything it gets.

However, today I can reveal that Linc is about to provide a spectacular rebuttal to the charges.

An international geochemical expert, Paul Lafleur, says the leaking hydrogen was caused by the breakdown of uranium and thorium naturally occurring in soil and coal seams at Chinchilla.

And farmers inadvertently made it worse.

“Another possible contributor to hydrogen gas in soils is the use of phosphate fertilisers, which contain significant amounts of uranium,” Lafleur said.
“Uranium produces hydrogen when in contact with water from irrigation and ­rainfall.”

He added: “In my opinion, there is no solid foundation to believe that widespread hydrogen gas in soils and groundwater is linked to UCG operations of Linc Energy.”
Lafleur’s report went to the department this week.

Linc is a world leader in underground coal gasification. It was welcomed to Queensland by the Beattie-Bligh government as a clean-coal technology producing synthesis gas or syngas, a cleaner fuel comprising hydrogen and carbon monoxide.

Linc developed five underground gasifiers and a gas-to-liquid pilot plant at Hopeland near Chinchilla which remarkably produced syngas from coal seam to output in just 60 minutes. Linc’s plant delivered 20 times more energy from the same amount of coal than that produced in coal-seam gas extraction.

Now Linc faces $32.5 million in fines after the launch of a prosecution that looked more to me like a media ­campaign.
Accusations against Linc were leaked to the ABC before Linc got to hear about them.

Then came a lengthy press release from Jon Black, the Director-General of the Department of Environment and Heritage Protection.

“These fugitive gases polluted a widespread area by following underground pathways, between 2m and 6m underground,” he said.

“The polluting gases included carbon monoxide, ­hydrogen and hydrogen sulphide.”
Linc denies this.

In any case it is unusual for a non-elected bureaucrat to discuss evidence so dogmatically.

Miles and Black even discussed the possibility of Linc executives going to jail.

“This is probably the biggest investigation of its kind in Australian history,” Black said. “This is a very serious ­matter.”
It certainly is.

However, I don’t think any minister should use the government’s propaganda arm to continue to demonise fossil fuels.

Miles should acknowledge our coal and gas has vastly ­improved the lives of billions of people.

In his scientific evaluation, Lafleur, the president of Canada’s Petro-Find Geochem, said Linc’s Darling Downs research site was an unlikely source for the gas, because the gas would have dissipated when the plant was shut down in 2013.

Lafleur said his belief the hydrogen was part of the naturally occurring “radiolysis” process “is supported by the fact that radon in ambient air has been encountered in the Surat basin”.

“Moreover, helium, also a product of uranium decay, has been detected in soils and groundwaters at anomalous concentrations. The pervasiveness of hydrogen is due to the spatial distribution of uranium and thorium as well as the high volatility and mobility of this gas that allows it to move even across aquitards through micro fractures.

“Another possible contributor to hydrogen gas in soils is the microbial conversion of ammonia and urea fertilisers to nitrate, a process that releases hydrogen gas.

“Another possible cause of hydrogen gas in soils is the reaction of ferric iron (i.e. rust) with water. Ferric iron is produced from the rusting of iron, such as casing from water wells, CSG pipe, and scrap farm machinery and car bodies. These impacts would be localised, but could affect sample integrity.”

Lafleur agreed with Miles on one point: “Hydrogen in soils is likely to pose no health or safety risk because of its high volatility and rapid dissipation.”

EHP department insiders admit hydrogen is widespread in soils in the Surat Basin and has been found hundreds of kilometres away from the Linc plant.
Question marks remain over Miles’ department.

A scathing Auditor-General’s report last April found the Department of Environment and Heritage Protection was not fully effective in its supervision, monitoring and enforcement of environmental conditions.

Failures in data collection hampered many EHP functions, Parliament was told.

An Ombudsman’s report tabled in 2012 questioned whether the EHP even had the expertise to conduct investigations.

Western Downs Mayor Ray Brown and some farmers are scratching their heads.

Brown told me: “Whatever happened it has not affected water underground or above the ground. The Minister says there is no risk to people, livestock water, or cropping. So just what has been polluted?”

Linc, meanwhile, seems to have packed up its tent and moved on.

It runs a UCG plant at Angren in Uzbekistan that consistently produces a million cubic metres of syngas a day. The syngas powers Angren power station.

Linc also is busy cranking up plants in Alaska, Wyoming, Poland, the UK and in ­Africa.

http://www.couriermail.com.au/news/opini...6fdbdc1347
______________________________________________________________________________________________________________________________________

Linc Energy boss Peter Bond has Dunk Island plans

• THE AUSTRALIAN
  
• NOVEMBER 05, 2015 12:00AM
  

Lisa Allen
[Image: lisa_allen.png]
Property & Tourism Reporter
Sydney

[Image: 562011-67d85778-82a9-11e5-9951-8df9a90a4e4d.jpg]
Peter Bond aims to restore Dunk Island, destroyed by Cyclone Yasi in 2011, with a $20m makeover.Source: News Limited
[b]Ambitious Linc Energy boss Peter Bond is attempting to climb into the stratosphere of wealthy resort owners with a bold plan to convert Dunk Island off the coast of far north Queensland into a luxury high-end spa retreat, rivalling the six-star qualia on Hamilton Island controlled by the multi-billionaire Oatley family.[/b]
Fresh from a $20 million makeover, Mr Bond’s Dunk Island resort is expected to open early next year with a heavy emphasis on high-end wellness and spa services.
“I don’t want to think about how much I have spent on it,” Mr Bond told The Australian yesterday, finally revealing his plans for the island.
The mining entrepreneur has spent several years weighing up what to do with the island off Mission Beach after purchasing it for $7.5m following its destruction by Cyclone Yasi in early 2011.
“We are reworking the original accommodation, doing it up so it is to a much higher standard,” he said. “It will be a unique spa and wellness resort like qualia or like the high end spa resorts on Kangaroo Island.”
The first stage of the redevelopment includes opening 36 suites on the island, while stages two and three involve the construction of another 100 opulent suites.
The restoration of Dunk Island’s pool, spa and restaurants was recently completed in readiness for the reopening.
Further north, Lizard Island off Cape York just reopened fresh from a $60m redevelopment. The island’s owners Delaware North were girding to reopen the resort after a $45m redevelopment in 2014 when Cyclone Nathan hit.
Sydney developer Terry Agnew is also attempting to redevelop Queensland’s Great Keppel Island while Chinese cable TV company White Horse is redeveloping Lindeman Island. Daydream Island sold in March to China Capital Investment Group.
Dunk and nearby Bedarra Island were part of Hideaway Resorts, a subsidiary of Swiss Pamoja Capital which bought the portfolio for about $29m in 2009 from GPT.

2 December, 2015 - Stocks with Momentum
http://sdb.theedgemarkets.com/2015/SMR/S...aqtyif.pdf

Oil and gas company Linc Energy has yet to provide any update on the possible sale of some of its shale assets.

On Nov 19, Linc announced it had entered into a confidentiality, due diligence and exclusivity agreement with an undisclosed Australian company on Nov 11, in relation to the sale of its South Australian shale oil assets (SAPEX).

Under the agreement, the counterparty has 30 days of exclusivity from the date of execution to undertake due diligence on the company's SAPEX, it said, adding that the counterparty has started due diligence in accordance with the agreement.

The response came after a query on unusual trading activity from the SGX. Shares of the energy company had been on the rise for three consecutive days from Nov 16 at $0.125, to close on Nov 18 at $0.155..................................................

Linc entered voluntary administration. posted 2.28 today:

http://infopub.sgx.com/FileOpen/2015%200...eID=399280

Is this another s chip? Just joking lah. This serves as a reminder a failed company is a failed company, damage to the shareholders is equally devastating and it is not s chip's exclusivity to fail. Add this to ABL, Ipco, Innopac, Annica, etc etc