equity raising or not, page-66

Szaba I agree 100% with your comments re a CR to repay $60M debt.

Regarding a CR ($1B) to build a 40,000 bopd FT plant, I think that amount is out of the question because of various risk factors.

However, using the Velocys GTL plants, the cost is much reduced and LNC may look at either a CR or further borrowing to fund it.

From an Edison Investment Report on Velocys dated May 2011, they mention-
" Our economics are based on a $10m upfront licence fee for a 2,500bopd micro-channel GTL plant and $1.4m recurring revenues for catalysts that would need to be replaced every two years" http://www.edisoninvestmentresearch.co.uk/downloadpdf/5068/162/.



So, for approx $100M LNC could have a 25,000 BOPD GTL plant. This is why the Velocys connection (although not publicised) is very exciting. Perhaps it will be the "rabbit" that PB pulls out of the hat.