Linc Energy Limited
(ASX:LNC) is understood to be planning to pour its most recently raised funds into its Alaska oil project. The energy company announced yesterday the sale of $US265 million of senior secured notes due in October 2017.
Linc told the market the net proceeds of about $US255.5 million before fees will be used to fund capital expenditures, repay existing debt and for general corporate purposes.
CEO Peter Bond has reportedly told Fairfax Media Linc will put some funds to its drilling program at the Umiat venture in Alaska, which is expected to cost $US50 million over the next seven months.
Shares in Lind Energy lost 6.87 per cent yesterday, closing at $0.61.
Linc Energy booked a net loss of $61.9 million in the 2012 financial year.
