Alaska

Linc Energy Ltd., Brisbane, plans to acquire from GeoPetro Alaska LLC 123,000 acres of onshore oil and gas leases in the Cook Inlet basin of Alaska.

By OGJ editors
HOUSTON, Mar. 2
– Linc Energy Ltd., Brisbane, plans to acquire from GeoPetro Alaska LLC 123,000 acres of onshore oil and gas leases in the Cook Inlet basin of Alaska.

Consideration is $1 million initially and a further $4 million from the proceeds of any commercial oil and gas production revenues, if encountered, plus overrides.

The leases contain an estimated 18 billion tonnes of coal, much of which is believed suitable for underground coal gasification, and natural gas exploration targets. Linc Energy aims to drill its first well later in 2010 at the Frontier Spirit-1 gas prospect developed by GeoPetro.

The acquisition involves three sets of oil and gas leases granted separately to GeoPetro by the Cook Inlet Region Inc., the Alaska Mental Health Trust, and the state. Lease transfer to Linc is expected to take place in the next 3 months.

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