Good point. And you have not mentioned the massive CAPEX...

Good point. And you have not mentioned the massive CAPEX required for the CTL plant itself. This UCG methodology is not yet confirmed as a viable method for CTL. Hence, i rate LNC as medium-high risk company.
Raising large sums in current credit contraction will not be easy. Feel straightforward energy plays such as oil producers offer more certainty and can benefit directly and instantly from high oil price.
Oil producers can also hedge the oil price and Aus $.