Linc restructuring global operations

Three top Linc Energy Ltd. officials have resigned as part of a restructuring.

Chief Executive Officer Craig Ricato, Chief Operating Officer Michael Mapp and Chief Financial Officer Chris Munday resigned effective April 22, according to the company.

On April 15, the Australian independent entered “voluntary administration,” an aspect of Australian law allowing a company to temporarily hand over control to outside entities.

“After receiving legal and financial advice and considering all of the current commercial prospects available to the company to successfully complete a financial restructure of the business within a limited timeframe, the board of Linc Energy made the decision that it was in the best interests of the company to enter into Voluntary Administration at this time,” the company announced in an April 15 statement. The company appointed Stephen Longley, Grant Sparks and Martin Ford of Australian advisory firm PPB Advisory.

Among its global prospects, Linc has been trying to develop the Umiat oil field in the foothills of the Brooks Range Mountains. The company believes it has proved up the prospect through a recent exploration campaign and had been looking for partners.

The company recently suspended an underground coal gasification program in Alaska.

- ERIC LIDJI