Linc Energy receives A$20M from Exxaro for UCG project

Linc Energy Ltd.

Linc Energy Ltd. (SGX: TI6) (OTCQX: LNCGY) has confirmed receipt of A$20 million (US$17.6 million) from Exxaro Resources (JSE: EXX) as the second tranche payment under an intellectual property (IP) license agreement. This payment is in recognition that all conditions precedent contained within this agreement, and a services agreement, and a master agreement executed with Exxaro in May 2013, have now been satisfied.

Satisfaction of all conditions precedent within the suite of agreements now provides the green light for both parties to continue development of the first joint underground coal gasification (UCG) project in Sub-Saharan Africa, following completion of the joint concept study that was completed in December 2013.

Linc Energy is entitled to a further payment of A$7 million (US$6.2 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.

 

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