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Fueling Our Future Linc Energy Ltd // 2011 Annual Report

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Fueling Our Future Linc Energy Ltd // 2011 Annual Report FUELING OUR FUTURE LINC ENERGY LTD // 2011 ANNUAL REPORT ABN 60 076 157 045 Linc Energy is a globally focused, diversified energy company with a strong portfolio of coal, oil, gas and oil shale deposits. It is Linc Energy’s purpose to unlock the value of its resources to produce energy to fuel the future. A publicly listed company, Linc Energy is the global leader in Underground Coal Gasification (UCG), which delivers a synthesis gas feedstock ABOUT to supply commercially viable energy solutions – such as electricity, transport fuels and oil production – through gas turbine combined cycle power generation, Gas to Liquids (GTL) Fischer-Tropsch processing and Enhanced Oil Recovery. Linc Energy has constructed and commissioned the world’s only UCG to GTL demonstration facility located in Queensland, Australia. This facility produces the world’s only UCG to GTL synthetic diesel fuel. Linc Energy also owns the world’s only commercial UCG operation, LINC Yerostigaz, located in Uzbekistan. Yerostigaz has produced commercial UCG synthesis for power generation for 50 years. Linc Energy is on a rapid global expansion path to commercialise its portfolio of resources, with established offices across three continents in the United States, the United Kingdom and Australia. ENERGY Linc Energy is listed on the Australian Securities Exchange (LNC) and can also be traded in the United States via the OTCQX (LNCGY). 2 CONTENTS 01 02 03 AT A GLANCE THE FINANCIAL YEAR EXTRA DETAILS page 4 page 34 page 110 Corporate Directory ............................6 Directors’ Report ..................................36 Shareholder Information .................112 Chairman’s Message ..........................10 Corporate Governance Mining Tenements .............................113 Managing Director’s Report ............12 Statement...............................................55 Glossary ................................................117 Review of Operations Lead Auditor’s Independence Declaration ...............62 and Activities ........................................18 Financial Report ...................................63 The Board ..............................................26 Notes to the Consolidated Executive Leadership Team ..............28 Financial Statements ..........................69 Senior Management Team ...............30 Directors’ Declaration ........................107 Independent Auditor’s Report to the members of Linc Energy Ltd ......108 3 4 01 AT A GLANCE 5 01 CORPORATE DIRectoRY DIRECTORS: Mr Ken Dark PRINCIpaL 32 Edward Street Brisbane QLD 4000 Acting Chairman REGISTERED OFFICE Telephone 07 3229 0800 IN AUSTRALIA Facsimile 07 3229 6800 Mr Peter Bond Managing Director Mr Craig Ricato SHARE REGISTER Link Market Services Executive Director Level 15, 324 Queen Street Brisbane Qld 4000 Telephone 1300 554 474 Mr Oliver Yates Non-Executive Director Mr Jon Mathews AUDITOR KPMG Non-Executive Director Level 16, 71 Eagle Street Brisbane Qld 4000 SECRETARY Mr Brook Burke BanKERS Bank of Western Australia Ltd National Australia Bank Wells Fargo & Co NOTICE OF AnnUAL HSBC GENERAL MEETIng WILL BE HELD AT Brisbane Convention & Exhibition Centre STOCK EXCHangE Linc Energy Ltd shares are listed on the Corner Merivale & Glenelg Street LISTINGS Australian Securities Exchange (ASX: LNC) South Bank, Brisbane, QLD and in the United States on the OTCQX TIME 3:00pm (OTCQX: LNCGY). DATE Thursday, 24 November 2011 Website address www.lincenergy.com 6 ALASKA Acres 122,184 GLOBAL ACREAGE OIL & GAS LEASES COOK INLET BASIN Acres 19,348 OIL & GAS LEASES NORTH SLOPE Acres 167,917 COAL EXPLORATION TRACT COOK INLET BASIN & INTERIOR MONTANA / NORTH DAKOTA Acres 5,710 COAL LEASES WILLISTON BASIN UZBEKISTAN Acres T 1,000 COAL TENEMENTS QUEENSLAND Acres WYOMING Acres 3,460,711 COAL TENEMENTS BILEOLA, BOWEN, CALLIDE, 180,651 CLARENCEMORTON,DRUMMOND, EROMANGA,GALILEE, IPSWICH, COAL LEASES MILLUNGERA, SURAT BASINS POWDER RIVER BASIN & WASHAKIE BASINS Acres SOUTH AUSTRALIA 29,782 Acres COAL LEASES 19,848,739 POWDER RIVER BASIN COAL, OIL & GAS TENEMENTS ARCKARINGA, COOPER, EROMANGA, WALLOWAY BASINS 247 ACRES (APPROX) = 1 SQUARE KILOMETRE. As at 31 August 2011, including tenure under application. 7 A SPLASH ON THE DIESEL DASH UCG to GTL SYNTHETIC DIESEL HAS SOLID PERFORMANCE We’re goinG AND PLACES ENVIRONMENTAL In a world-first achievement CREDENTIALS Linc Energy Chief Executive Officer Peter Bond drove 6,000 kilometres across Australia to test the company’s Australian-produced synthetic diesel NITROGEN made from its combined UCG and GTL processes. OXIDE CARBON MONOXIDE REDUCED BY EMISSIONS REDUCED 12 PER CENT BY 29 PER CENT 8 6,000 KILOMETRES PARTICULATE ACROSS AUSTRALIA ON MATTER EMISSIONS UCG TO GTL SYNTHETIC DIESEL REDUCED BY 73 PER CENT NEAR-ZERO SULPHUR AND ADELAIDE AROMATICS 9 01 CHAIRMAN’S MESSAGE DEAR FELLOW SHAREHOLDER, It gives me great pleasure to report on the activities and progress of the Our world UCG leadership was underlined by further technological I would like to thank my fellow directors for their hard work and company over the past year. advances at our demonstration facility near Chinchilla in Queensland, contribution over the past year and the Board wishes to record its continued production of power at the world’s only commercial UCG thanks for the efforts of all Linc Energy employees throughout the world The focus has been placed on the most expeditious route to true operation at Yerostigaz in Uzbekistan (which this year celebrates during what has been an especially busy period. In particular I would commercialisation. The outcome of this process has seen the company 50 years of production) and, in a world-first, we showcased our unique like to thank Chief Executive Officer Peter Bond for his energy, passion, enter a new era with a balanced position evenly spread across traditional ability to produce ultra-clean synthetic diesel from UCG to GTL by using vision and leadership of a great team of highly talented individuals now coal, oil and gas deposits to be either developed or value added and this fuel to drive across Australia from Chinchilla to Perth. spanning multiple global locations. I would especially like to thank our on-sold. This is underpinned by our ‘core’ business of clean energy and shareholders for their continuing support as the company enters the next clean fuel. The company’s entry into traditional oil exciting phase of its operations. The company’s entry into traditional oil production in the United States production in the United States demonstrates Yours sincerely, demonstrates the continuation of the entrepreneurial spirit on which the the continuation of the entrepreneurial spirit on organisation was founded. Acquisition of resources that have substantial which the organisation was founded. Acquisition potential upside is one of the foundations and continuing cornerstones of company philosophy. We are already enjoying a modest and steady of resources that have substantial potential income stream from asset acquisitions in Wyoming and we are actively upside is one of the foundations and continuing seeking to add additional capacity to this base. The Umiat (Alaska) cornerstones of company philosophy. project, although long term in nature, has the potential for an enormous upside. Add to this the company’s continued drive towards enhancement Safety of our workforce continues to be one of our driving forces. Ken Dark and commercialisation of Underground Coal Gasification (UCG), Our own internal workforce recorded zero lost time injuries (LTI) for Acting Chairman Gas to Liquids (GTL), power generation, and the utilisation of high value the year. The only blemish was where an employee from one of our UCG gas streams as part of an Enhanced Oil Recovery (EOR) process South Australian drilling contractors suffered an LTI from a minor injury and one begins to understand we are building a fully-integrated energy sustained whilst carrying out cleaning duties. I would like to congratulate solution for the future. our staff for maintaining our high safety standards. We continue to work at and believe we are achieving success in our relationships with our stakeholders including governments, contractors, landholders and investors throughout the world and we especially appreciate our strong local community support. 10 I WOULD LIKE TO THANK OUR SHAREHOLDERS FOR THEIR CONTINUING SUPPORT AS THE COMPANY ENTERS THE NEXT EXCITING PHASE OF ITS OPERATIONS. KEN DARK // ACTING CHAIRMAN 11 01 MANAGING DIRECTOR’S REPORT DEAR SHAREHOLDERS, This past year has been one of extraordinary The Linc Energy business model going forward will be as follows: achievements mixed with utter frustration. I firmly believe the foundations we have been building these past months will be one of the key reasons for Linc Energy’s success long into our future. The key COAL CLEAN ENERGY OIL AND GAS reason for this is that we have been restructuring Linc Energy and its business plan and actively building and empowering the team now executing this vision What does Linc Energy’s Coal What does Linc Energy’s Clean Energy What does Linc Energy’s Oil and Gas with passion and commitment. We are now starting division deliver? division deliver? division deliver? to see these efforts begin to blossom. Acquires, explores and develops the UCG or other gasification processes Production of traditional oil and gas company’s coal resources to support combined with downstream operations What is our Oil and Gas platform? In a nutshell, Linc Energy has now reorganised itself UCG operations
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