2 December 2015 Updated Qualified Persons Report increases SAPEX...

2 December 2015 Updated Qualified Persons Report increases SAPEX unrisked unconventional prospective resources to 256 billion barrels of oil  Gustavson Associates LLC issues an updated Qualified Persons Report following Linc Energy’s FY15 exploration program on its shale oil exploration leases in the South Australian Arckaringa Basin (SAPEX)  Updated unrisked prospective resources for unconventional reservoirs increased by 10% to 256 billion barrels of oil (best estimate)  Maiden risked prospective resource for unconventional reservoirs of 19 billion barrels of oil (best estimate)  Updated unrisked prospective resources for conventional reservoirs remain unchanged at 125 billion barrels of oil (best estimate)  Maiden risked prospective resource for conventional reservoirs of 10.3 billion barrels of oil (best estimate) Linc Energy Ltd (SGX:TI6) (OTCQX: LNCGY) is pleased to announce an updated Qualified Persons Report (QPR) for the Arckaringa Basin completed by Gustavson Associates LLC (Gustavson). The QPR confirms that a large area of the Arckaringa Basin contains Permian strata (Stuart Range and Boorthanna Formations) rich in oil-prone kerogen that could form the basis of a new liquids rich shale play in South Australia. The Gustavson QPR findings for the Arckaringa Basin can be summarised as follows:  Unrisked prospective resources for unconventional reservoirs have been estimated to be 256 billion barrels of oil (256 MMbbl – best estimate). This represents a 10% increase in the best estimate published by Gustavson in its January 2013 QPR.  Risked prospective resources for unconventional reservoirs have been estimated to be 19 billion barrels of oil (19 MMbbl – best estimate).  Unrisked prospective resources for conventional reservoirs remains unchanged from Gustavson’s 2013 QPR with an estimated 125 billion barrels of oil (125 MMbbl – best estimate).  Risked prospective resources for conventional reservoirs have been estimated by Gustavson to be 10.3 billion barrels of oil (10.3 MMbbl – best estimate). SGX Code: TI6 OTCQX Code: LNCGY Media contact: FCR James Strong 0423 338 005 - 2 - SGX Announcement continued… An executive summary of the updated Gustavson report is attached to this announcement and appears on the Company’s website. The full QPR is available for viewing at the Company’s registered office. Basis for the changes in the updated QPR The updated QPR incorporates newly acquired geochemical and thermal maturity data from the recent drilling campaign and recent legacy well analysis. The inclusion of this information allowed a change in the methodology in deriving the input area, providing for the prospective resources to be reported as a continuous accumulation resource play rather than a predicted area of mature source rock. This resulted in an increase to the area considered thermally mature for oil in both the Stuart Range and Boorthanna Formation plays leading to an overall increase in their unconventional prospective resources. The pre-Permian Formation unconventional prospective resources have not changed. Gustavson was requested by Linc Energy to issue a maiden risked unconventional prospective resource estimate. A shale oil resource play is considered self-sourcing, in that the source rock and reservoir rock are one in the same. The primary factors for evaluating exploration risk for a shale oil play is the confidence in the data defining the organic richness along with the analytically demonstrated thermal maturity of the source rock. The mineralogical composition of the source/reservoir rock is also important in providing a reservoir that is brittle enough to develop permeability. These variables are used to calculate a Chance of Success (COS) or favourability that the above defined variables would occur for each of the unconventional play types. A summary of the risked gross prospective resources in unconventional reservoirs is available in Table 3 of the attached Gustavson report executive summary. Linc Energy’s Petroleum Exploration Licences and Petroleum Licence Applications cover all of the known prospective areas within the Arckaringa Basin in South Australia, amounting to approximately 14.2 million contiguous acres. Mr Craig Ricato, CEO & Manager Director of Linc Energy said “the conclusions presented by Gustavson are consistent with Linc Energy’s view that the Arckaringa Basin has excellent resource play potential. Linc Energy remains extremely confident in the value of its Arckaringa Basin assets and is focused on unlocking this value”.

http://lincenergy.listedcompany.com/news.html/id/500648
http://lincenergy.listedcompany.com/newsroom/20151202_081602_TI6_PQI65FQDYYQDN495.2.pdf