The Australian independent recently received "unsolicited expressions of interest" to sell the undeveloped Umiat oil field on the North Slope and conventional assets in Wyoming.
In response to the solicitation, Linc has launched "a formal process to work with additional parties who have expressed an interest in the potential acquisition of the company's entire USA based oil and gas portfolio," the company said Sept. 3. Linc intends to make a decision by the end of the year. But, the company warned, "There is no assurance that these activities will result in a formal offer or binding arrangement."
"It is early days on the oil asset negotiations but it is always nice to receive unsolicited approaches on our assets that reconfirm the underlying value and provide third party validation," Linc CEO and Managing Director Peter Bond said in a statement. "We will work with the parties and update the market if we can agree final and binding terms."
Any sale of "core assets" would require shareholder approval.
- ERIC LIDJI