Pata #1 results, page-6

Hi Szaba...I'm not sure why I still hold this stock (some sort of mental issue I think) but I do...so I guess my response to your post will be seen as defensive.

I agree with all that you have posted and have had the same thoughts for the last 6 months...Linc does look bad and the timing for asset sales doesn't bode well at all for the companies plans to streamline the company and focus funding into core activities...whatever they may be.

I think that Linc's management don't exactly know what they will end up focusing on because it is obvious that they have no idea what sort of balance sheet they will end up with.....what cash/debt will be available and what assets they will be left holding.

If GH is right and they arent drilling and doing workovers in the Gulf and just running the wells to depletion then I would imagine that the cash will be used to do more exploration in the Ark and possible sub-salt around the Gulf. If this is correct then it really would seem to be a last toss of the dice. Exploration companies have low odds and high costs ..........this is not what I invested my money for.

The only positives that remain are in the farm in/out arena and Linc are in the worst possible of positions with no cash and limited recourse to further cash raising options and of course we have the low oil price.

It doesn't look good at all....it is about this time that we need PB to get back into his old self and negotiate/pull something out of the hat...but when I last talked to him he looked like he had lost his mojo!

Craig seems a switched on guy...if the dice lands well and the Ark or sub-salt show promise he may just be able to lead us out of the wilderness. Adam Bond seems to be a bit of a mover and shaker but is hamstrung by a poor negotiating position but, as you say above, its a cold European winter and Russia is angry....things just might start to get a little urgent there.

My hope is that when the dust settles we are left holding all the UCG intellectual property and some progressing UCG cash flow positive business.

Hope....and no real plans!

My previous due diligence in this company was based on the original simple plan to turn stranded coal into much needed oil and gas. That has been torn to shreds by PB when he took all my hard earned $ and stealth-fully diverted it into some grandiose scheme which shows no resemblance to plans that were originally floated.

Should just sell...but for some unknown reason I just hang on....