Just completed reading the annual report in detail and its time...

Just completed reading the annual report in detail and its time for my annual rave....

Had to think long and hard about Craigs appointment and I've come up with the following opinion;

I think that pressure from our two keystone shareholders may have produced the change for the simple reason that even if PB has changed his ways people will not believe him. He has spun out too many promises and failed to deliver. He may have very well changed his ways but its too late.

I have met and talked to Craig on a number of occasions and found that he chooses his words carefully. I think that the new LNC style will hopefully be to promise less and deliver more.....

Case in point is Poland...we know its happening and we know that the wellheads and UCG operations gear from Chinchilla are on the way but we arent getting much in the way of the old spin that would be presented with such an event. In fact we arent getting anything....it will be interesting to see if the next notice on Poland will be to advise that the gear has been set up and the trial has commenced...at that time hopefully we will get some time-frames on the operations.

Arck is similar...

Lets hope and pray (a thing we long term LNC holders are good at) that the US oil and gas assets get sold for a good price...(and we all know that PB has trouble letting things go until he really has to) ...we hope and pray (WHAP) that the world economy doesnt catch up to PB as he plays the 'selling off' game..(remember Teresa and the GFC as well as now with NEC and the coal slump.....well guess what? we are now trying to sell an oil business in an OIL SLUMP!!!!

But if the US oil and gas doesnt sell WHAP that;

A. We dont keep flogging the Gulf dead horse....

Its interesting to see the hedging totals for the Gulf Oil and the huge drop off over the next 3 years... I cant see how they can justify spending over $250m (of borrowed money)over the last 2 years on re-completions and new wells just to earn $265m...I hope they stop borrowing to produce so little and let the wells deplete naturally and just earn what they will earn....and maybe pay down some debt. If it can deplete and earn $100m for year one down to say $30m in year 5 that would go a long way to paying down loans and providing some much needed cash flow (assuming the debt provisions allow it)..at the end of the day the leases and the infrastructure and OIP is still a sale-able asset. Close down the Texas office...

B. We dont keep pushing the Umiat horse up the cliff face

Await a farmin for Umiat and put it back on Ice (pun intended).....paying for 5 years of environmental research is not something to brag about...close the Alaska office...

C. We cant afford to feed the Wyoming horse anymore

Sell the Wyoming leases with a contract to provide CO2 from the UCG license (someone else suggested this..Great Idea)... it would have to be a long term venture because of the trials yet to be completed...close down the Wyoming office.

Cut ...cut ...cut ...starting from the top as a sign that this company is determined to dig itself out of its debt-hole... PB private jet cost the company 0ver $750,000 ....I could fly first class for over 100 trips around the world for that much??????????????? Cut PB consultancy to both his entities which cost us $2,300,000...cut cut cut...The Brisbane office doenst always answer calls and you mostly get voice recorders that dont get back to you ...same goes for any questions to the various departments....you get the old "I'll just ask so and so to call you back" dont count on it...There must be a lot of dead wood there....Close half the Brisbane Office cut cut. cut..

The office in South Australia has been bragging about still doing water sampling for the SA Govt..around the coal tenements ....what bloody use is that??? Close the SA office cut..cut. cut.

New Emerald Coal...just give it away and please how did we ever get into the "take or pay" deal with Gladstone ports ...that costs us over $5m a year for absolutely nothing!!!!! Why on earth did that happen... Close down the NEC management...cut cut cut

Europe is screaming for good reliable energy...UCG...build up the office somewhere in Central Europe and push push push...

WHAP

Its interesting to see the SP drop by 50% in the last couple of months...its even more interesting to see that Genting and CS havent been buying OR selling into this decline.....?????? Gentings holding would have cost them about $110m ..now worth about $50m......I'd like to be a fly on the wall in there investments office when they discuss Linc Energy....

GLTA long term holders .