Yes I do not understand this at all.
Timing is also odd to release this news just hours after a new tech investment ann which is now been overshadowed by latest news......this is way out of left field!!!
Dont know anything about LBY however seeing the have an interest in UCG is not a good sign. Linc Energy have been struggling with commercialisation of UCG for many years and they are the world leader in the technology. Seems to be doing OK overseas but I dont think it will ever be successful over here. Especially when they are competing against the big CSG companies. Stopped following Linc after they went to the Singapore stock exchange but last I heard of them is they were in a court battle over their UCG processing plant in Chinchilla.
USG (underground coal gasification) is not a bad idea in theory but has been riddled with problems for those involved in the past....especially in QLD. (Cougar Energy is another one to look into)
Anyway, hope they know what they are doing and sure there is some other motive behind this seemingly, strange move!!
Would have rather seen the cash go into marketing for home open and providing shareholders with more news on the latest updates (agents who are signing up etc).....just hope they are focusing on this more than their latest coal investments!!
Look forward to seeing some replies to shareholders emails posted here in the up and coming days....cheers
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