agm write up

Hi All,

Sorry about yesterday, my phone died at the agm, so this has been my first chance to post since then. Quite a few comments to make, firstly wow what a long one!! I unfortunatly had to go at 5pm (it started at 3), at that stage they still had 3 presentations to go and hadn't even gotten to question time yet.

The crowd was overall very happy, I spoke to a few holders and they were all very pleased with how the company is going and understand alot of the share price action is out of the companys control.

During the formal voting part, the only negative comment came from the "Aus shareholders association" who basically said because of PB's holding the board could never be spilled and this was not how the law was supposed to be blah blah blah. A shareholder quickly got up and had a go right back at him saying that the holders had every chance to vote etc and even though they did vote a second strike they shareholders choose not to spill the board. Didn't hear a peep from him after that.

Obviously no spill so that was good otherwise everyone would have been there till midnight.

PB spoke well as always. He's been very busy. He said he has been overseas for 7 of the last 12 months. Not staying in one place for more than 3-4 days at a time. He is very happy with how the company has postioned itself and was very apologetic about the share price preformance and the complexities of the company that have made its story harder to sell.

We then had preso's from Oil & gas, Clean energy, coal, shale and then an expert on umiat as well as a few others. I only got to see the first two.

Oil and Gas:
They are confident of hitting 6000 barrels by end of december.
Next year they will be looking to boost to 8000-9000.
They are very excited about wyoming massive potential with EOR.
Umiat is massive and they are extremely confident of really uping its value. They haven't made a decsion as to whether to stick with it into production or prove it up and sell it. However PB was pretty confident of getting it to the billion dollar value stage. All of the work for this winter and next winter has been paid for out of the bond.
All of the drilling in texas and wyoming for next year is self funding from the oil and gas division.

Clean Energy:
If you've had a chance to look at the presentation, the map at the end says it all. They have been very busy and are in talks everywhere. Adam Bond did the preo and said the phone rings at least 1 time a week with companies looking to talk about what Linc can do in there country.
He basically committed that at least 2 commercial deals will be done by the end of next year.
And they could really come from anywhere. He seemed very excited about Poland and Africa and said news would be flowing soon regading these. We have a mou/heads of agreeement with a utilites company in Alaska and one with a company in either Bangladesh or Pakistan (can't remember which sorry)
China is still in the works, just taking a lot longer than anticipated.
Adam Bond met with the Canadian Prime Minister recently, something is in the works there as well. He said they have a very pleasing regulatory enviroment and are very open to UCG.
Also Russia is somewhere they have alot going on.

So I reckon the deal could come from anywhere. Though I wouldn't be surprised if Poland or Africa came online before China.

Not much happening in QLD I don't think, Pb took a couple of swipes at the government.

Sorry I couldn't see it all. It was all recorded and should be uploaded on the Linc website sometime soon hopefully. I look forward to watching the rest.