what do ipo spinoffs mean for lnc shareholders, page-8

Dazed, I agree about the value of US oil assets. I mentioned $2B+ as a minimum value.

Regarding LNC spending its own $300M (if they have it) I don't think that is on the cards.

Firstly, LNC want to start the exploration this year and the Umiat field most likely won't be proven until the second winter drilling program from Nov 13 to Apr 14. A sale would be some time after that.

Secondly, LNC has stated that it wants a partner with shale oil experience (apart from big pockets) in Arckaringa.

While I agree that, if LNC spent the $300M they could get a better deal in a joint venture (if it pans out as indicated), there is a much greater risk for LNC in this scenario and it is NOT their main game.