buy back, page-51

Hey Valinvestor,

Easy to see your frustration. These projects take time and some of what you see may be the company being frustrated with the time it takes and looking at to take on other opportunties.

I answer to your question Wyoming is one of the few places in the world with a CO2 pipeline network which is growing. The Linc UCG fields are in the power river basin and are relatively close to the pipeline network. ELK have an EOR project with Denbury as partner in Wyoming.

EOR is an enormous opportunity and can easily outstrip UCG as an earner. Think about this. For each barrel of Ultraclean diesel there is enough CO2 to produce about 3 barrels of EOR oil. The cash costs of production are similar to the costs of production of ultra clean diesel and the cap cost is lower.

In my opinion the Ranger purchase was a coup. LNC acquired distressed assets which had cost $100m to acquire and develop. Much of the hard work on definition had already been done.