us roadshow presentation, page-8

capman,

Agree with your first paragraph. With regards to the JV's with organisations like Maubeni, Sapex, etc, I honestly feel they are rather inconsequential at this point in time. Linc's focus should be the demo plant and the scale up plant at Chinchilla - thats exactly where the MAJORITY of value for shareholders will be (and is currently being) created.

While having various international companies as stakeholders and partners is great in terms of Linc's business development, what purpose does it currently serve in terms of adding value? Has the huge coal resource that VIACOMIN supposedly has been proven? The sites in USA identified for potential UCG - have they been proven? Will Linc have ownership of those sites like it does with Emerald? Or will it have to pay royalties?

I understand that being a 'first mover' is advantageous, but it's not like there is a shortage of coal in the world, and there never will be. Once the technology is proven on a commercial scale, getting the coal seams will be trivial.

My point is, all these international JV's and coal tenement identification have so much uncertainty behind them (due to the timeframe) that they really pale into insignificance when comparing to what's happening CURRENTLY at Chinchilla. No doubt that Linc is a better company for having all the JV's, but I doubt the reason for the recent S.P increases is because USA potentially has $1.2trillion dollars worth of diesel in ground or because Linc has access to 6.5bt of SAPEX coal.

What do you reckon?

PS. The JV with BP is not included in the above considering its NEAR-TERM significance.