Linc Energy Ltd
(ASX:LNC) has won two new oil and gas exploration licences in South Australia’s Cooper Basin.
The clean coal technology company plans to invest $14 million on the two tenements over a five year period, drilling four to six wells on the new sites in the region.
The licences for the tenements encompass a total area of 6,180 square kilometres in the north east corner of South Australia.
CEO Peter Bond says Linc will now start negotiations for the native title agreements required so the company can get on the ground as soon as possible.
Mr Bond adds that this is an opportunity to explore the Cooper Basin in a largely underutilised region.
In the first half of its 2011 financial year Linc Energy recorded a net profit of $327.6 million.
