andy j, page-19

I was one of 5 present at last CXY meeting where Dr Len was questioned at length on LNC and his previous work and why he no longer was involved....

He explained that the QLD gas entity originally promised to take gas from Chinchilla but failed to go on with it--thus the $20 mill loan to the company sent the company into adminidtration (or dormant). Some smarties got hold of this debt for about 4c in the $ with their personal loans converted to shares by issuing many 1000,s of so called promoter shares.

This together with the capital raising reduced Dr Len W 65% down to something like 7%....the money was raised on some very dubious relationships with ERGO and others which soon after listing LNC abandoned.

Dr len clearly stated that going thru to GTL plant was not the best strategy for UCG developement,better stick to power plants.

It remains to be seen if this is so.

The lastest announcement of LNC doing a study on a SA coal deposit IMHO did not warrant the uplift in price it experienced...

CXY Pakistan deposit is in the Billion ton range and is immediate linked to power demand...as for building a plant this will NOT require sharholder funds to a maajor extent. CXY will produce the syngas and someone like Babco ck aand Brown would see to the funding.

Obviously I am a little suss of LNC/Russians....a Mkt Cap of close to $300m is excessively high at this time ..or CXY is rediculously low