speculatively speaking, page-7

RE UCG.

I think UCG is the big opportunity for LNC. Oil production is key over the next 3 years to how much Linc has to beg and borrow cash from the market to get a commercial UCG project to a reality. GCL guidance is in the second half of 2012 with only final legal clauses to resolve - maybe someone is playing hardball on the IP (possibly even external issues and delays - do Oxford Catalysts feel Velocys microchannel FT IP is safe with this Chinese JV?)

If oil can provide cashflow until the Adani royalty kicks in LNC will make it to at least one commercial scale UCG project in the next decade. I look forward to the next quarterly to assess progress on oil production and cashflow. 6000 BOPD (Gross) guidance this calendar year has been re-confirmed earlier this month in the Isaac update and also confirmed in the oil presentation figures a few weeks later (although you have to interpolate)

If the first commercial UCG project is a success there will be many more.

Lots of countries are dependant on foreign oil for liquid fuels. Purely from a strategic fuel security point of view UCG is an attractive option for China, USA and Australia.