Shares in Linc Energy Limited (ASX:LNC)
have lifted in morning trade after revealing its Umiat Oil Field valuation has increased to more than $US2.8 billion.
The oil and gas explorer and producer’s oil field project spans over three leases across more than 19,000 acres in Alaska.
Independent consultants Ryder Scott have boosted the valuation as a result of legislation changes in Alaska.
CEO Peter Bond says Linc Energy views the legislations as a win-win for the company and citizens of Alaska who are presented with a significant positive economic impact.
Mr Bond describes Alaska as one of the best current locations for state incentives and business cooperation with about 50 per cent of cash-back to Linc Energy by the state.
The news comes one day after the company reported an Umiat core evaluation confirmed high quality oil saturated reservoir rock.
Shares in Linc Energy have lifted 3.7 per cent in morning trade to $1.67.