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7 March 2014
UMIAT ALASKA OIL FIELD - 23H DRILLING UPDATE

• The 23H well has progressed positively with casing being set ahead of the drilling of the horizontal well

• Program designed to show benefits of horizontal drilling for commercial oil development of the Umiat Oil Field

• Ryder Scott estimate Proved & Probable (“2P”) reserves of 154.5 million barrels of oil equivalent (“MMboe”), with a 2P NPV10% of US$2.465 billion, and Proved, Probable & Possible (“3P”) reserves of 194 MMboe, with a 3P NPV10% of US$2.845 billion.*

Linc Energy Ltd (SGX:TI6) is pleased to provide an update on the drilling of the 23H well at the Company’s Umiat oil field located in Alaska. The well has reached measured depth of 1,980 feet and total vertical depth of 1,260 feet. Casing has been set and cemented at this depth. The well will be drilled to a planned total measured depth of 3,500 feet at which point completion operations will commence. The completion will consist of a slotted liner set in open hole with an electric submersible pump set in the horizontal section of the well. The open hole completion methodology closely mimics past successful flow tests at Umiat.
Linc Energy’s Umiat oil field consists of 19,358 gross acres over three leases and is located in the western foothills/foldbelt province of the North Slope Foothills of Alaska.

Peter Bond, CEO and Managing Director of Linc Energy, said, “This well is progressing as per plan and will be completed well within the winter drilling season. We look forward to further announcements on this significant well as we progress. I will be onsite at Umiat when we commence the oil flow test later this month to ensure that I have a ‘ring-side seat’ as we progress 23H into a flowing oil well

http://lincenergy.listedcompany.com/newsroom/20140307_171130_TI6_6FD3B165657E326A48257C94001F8CEA.1.pdf