Sale still possible for Umiat field

Linc Energy Ltd. is continuing to privately negotiate a potential sale of its Umiat field.

In a recently published financial statement for the latter half of 2014, the Australian-based company said it “continues to engage with these parties in confidential negotiations while continuing to progress its permitting and development plans for the field.”

After completing a horizontal well at Umiat in early 2014, the company said it saw a “clear path” to developing the isolated and technically challenging field in the foothills of the Brooks Range Mountains. A short time later, the company said it was “evaluating the advantages of introducing an industry partner to assist us in the future development.”

In September 2014, the company said it had received “unsolicited expressions of interest” to sell Umiat and conventional assets in Wyoming and 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 initially expected to make a decision by the end of 2014, a deadline now more than two months overdue.

Any sale of “core assets” would require shareholder approval, according to the company.

- Eric Lidji