losing the lead on ucg, page-7

Apart from Eskom I only know of above-ground coal gasification operations in South Africa.

Yes, but Eskom looks like it will be the first to commercialise UCG outside the former USSR, even if it is in a simple boiler-type operation.

LNC has repeatedly stated that they don't want to go for power generation because the margins are smaller and there are many alternatives for power generation, i.e. renewables.

Sure, but working power generation is obviously better than non-working GTL. Power generation is the safer bet, GTL is high risk. Luckily for LNC they have through their coal tenements enough funds that they can take that risk and spend 10 years getting it right.

In Peter Bond's defence, I don't think diversification is a bad approach.

I agree, in fact I think it's the only sensible approach when you're dealing with GTL. Putting all LNC's eggs in the GTL basket is not a good idea.

It means Linc is still a safe investment because unlike Cougar, which obviously is in huge trouble with zero funds now that Kingaroy has collapsed, Linc has not dependent on UCG success any time soon.

Personally though I'm steering clear of all Australian UCG companies, the political risk is just too high in this stupid country.