Who remembers LEA#1 ? Remember this was going to make us all...

Who remembers LEA#1 ?

Remember this was going to make us all rich!!

Unfortunately as great as increasing shareholder wealth this too was a flop!! Zilck, nada zero oil


10 February 2011
LEA #1 Update
 Analysis of LEA #1 has confirmed three significant sand formation intervals that appear to be gas charged
 All LEA #1 gas samples shown to contain 99% to 100% purity of dry natural gas
As previously announced by Linc Energy (ASX:LNC) (OTCQX:LNCGY) late last year, the Company’s gas exploration well (LEA #1) in the Point Mackenzie Block of the Cook Inlet Basin was completed in November 2010 with a number of gas bearing horizons encountered.
Immediately following the completion of the drilling campaign in 2010, external contractors were engaged to conduct advanced petrophysical well log analysis and Linc Energy staff commenced planning of the gas flow testing program to define the commercial outcome.
The advanced petrophysical well log analysis (ELAN analysis by Schlumberger) was performed on the geophysical logs run in the hole after drilling. The results of the analysis have confirmed three significant sand formation intervals that appear to be gas charged and which possess apparent permeability values indicating they are good candidates for a flow test.
This data continues to support the strong gas shows that were observed throughout the initial drilling of the LEA #1 exploration well. The gas shows were first encountered soon after drilling penetrated the top of the target Tyonek Formation. Down hole gas pressures increased as the LEA #1 well was drilled deeper, which meant that the drilling team had to increase the density of the drilling fluids to maintain safe conditions and constrain the free flow of gas to the surface. Linc Energy’s well site team collected physical samples of the gas for lab analysis.
Gas from LEA #1 was sampled from 31 intervals from depths of 1500 feet (457 metres) to the total depth of 6,323 feet (1,927 metres). The completed analysis of that gas confirms that all 31 samples contain pure, dry natural gas (methane: CH4) content in the range of 99% to 100%. Natural gas produced at this purity requires no treatment or conditioning before it can be delivered to market. The LEA #1 well is located approximately 1.5 miles (2.4 kilometres) from major pipeline infrastructure capable of carrying the gas to market.