what do ipo spinoffs mean for lnc shareholders, page-7

Just following along on the above speculation and in particular picking up on 'Imbiber's comments about the possible valuation for the US oil assets.

I think we can expect a very good deal in regards to any JV in the Arckaringa.

So long as the Umiat reports in with confirmation that it is a commercial proposition, Linc will have a back-up plan to float off the US assets and fund exploration of the Arckaringa in its own right.

2 billion is conservative as an enterprise value for the US division as a stand-alone [Umiat going well ... and with sub-salt a possible bonus]. If Linc spent $300 mill on proving up the Arckaringa and significantly de-risked it, any JV partner will have to front much more cash and be satisfied with a much smaller slice.

Linc is going to the negotiating table in a position of strength.