moving the goalposts, page-15

Shane,

Yes – generation for their own plant requirements and maybe flog any small surplus. This is now “COMMERCIAL generation”, a standalone development whilst further pondering the CTL and “an obvious first and early step”.

Let us assume, for the sake of argument, that the Linc directors have privately come to the conclusion that they’ve bitten off more than they can chew for now with 20kbopd CTL. Not many boards are straight talking enough to tell you “we’ve messed up with plan A, here’s plan B which we stand a better chance of executing”. No, this is EXACTLY how you’d expect them to start the switch. Tag it on to the end of some good news, presenting plan B as a minor, sensible modification to plan A which of course is still on track.

Now maybe I’ve missed something and Linc have always been talking about power generation as a short term goal to finance and give credibility to pursue CTL as a long term goal. (And if I’d seen them do so I'd have found them a lot more credible and be more likely to be a shareholder).

But I’m still waiting for the hyperlink to show that. Until it arrives, it either looks to me like this “obvious first and early step” had previously escaped their attention or worse they’ve been deceiving the market about their plans. Hopefully, and probably, the former.