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Linc Energy Limited
Only a Few Weeks Away…..
LNC A$1.47
BUY
28 April 2008 26 May 2000 Jeremy Tobias
(02) 9226 0086
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Linc Energy Limited (LNC) is now only a few weeks away from finishing commissioning of its Gas to Liquids (GTL) pilot plant located in Chinchilla, QLD. Successful commissioning would be a major milestone for the company and would allow it to move to Stage 2 of its business plan – constructing a commercial 20,000 barrel per day facility.

LNC is becoming a significant player, both in the domestic and international markets in the UCG and GTL spaces having over the past year signed MOU’s with Marubeni, VINACOMIN, Shiv-Vani and Sapex Limited (ASX:SXP). We increase our 12 month price target to A$2.10/sh as the company nears finalisation of commissioning. We also provide two sensitivity analyses based on different oil price and WACC assumptions in relation to our DCF valuation.