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Peter Bond

CEO & Managing Director

Mission StatementLinc Energy is a dynamic and innovative global company that unlocks the value in its significant coal resources by using its unique UCG process to convert coal into cost-effective syn-gas as feedstock for its modular UCG to GTL liquids fuel facilities, in an environmentally sustainable manner to provide wealth and energy independence for future generations.

‘Linc Energy can inject air into the Ucg generator and 500 metres away, at the GTL facility produce diesel at $28.00 per Barrel,

and all in about 6 min”

Peak Oil

“Production (of oil) reaches 104 mb/d in 2030 requiring 64 mb/d of gross capacity additions – six times the current capacity of Saudi Arabia – to meet demand growth and counter decline.”

“For all the uncertainty highlighted ... we can be sure that the energy world will look a lot different in 2030 than it does today.”

International Energy AgencyWorld Energy World Energy Outlook 2008

Projected Growth

UCG potential value in USA is $US20 trillion

Source: Price Waterhouse Coopers 2008 2007 Survey of Energy Resources (2007) (World Energy Council).

Right Place; Right Time

LNCChina and India

Peak Oil

Resources, IP of UCG and GTL

UCG in Soviet Union and USA

GTL in Germany and Sth Africa

Oil Shocks

DemandPrice

Linc Energy = LNC

LNC UCG GTL═ +

Resources

IP Technology

Diesel

Jet A1

Power• LNC is a top 200 ASX listed company• Market Capital between AUD750mn and AUD850mn• LNC is tradeable on the ASX and OTCQX• Turnover is approx USD1.5mn per day• LNC is 0.01% of present ASX200• When coal sale is announced LNC will be in the top 100 and be 1.3% of ASX 200.

• 120 employees• Coal reserves to be converted to JORC compliant Oil reserves expected to be >0.9bn barrels.• LNC is 0.01% of present ASX200.• When coal value is crystallized LNC will be in the top 100 and be 1.3% of ASX 200.

People

UCG – Underground Coal Gasification

UCG is an in-situ gasification process carried out in coal seams using injection of air/oxygen, and bringing the product gas to surface. The product gas can be used as a chemical feedstock or as fuel for power generation.

Minister Ferguson, Minister for Resources and Energy, Australia; “This technology unlocks energy from Australia’s stranded and uneconomic coal reserves and has the potential to dramatically reduce Australia’s dependence upon imported oil and refined products.”

PricewaterhouseCoopers 2008

The World Energy Council 2007 Survey on Energy Resources 56 estimates that 45% of Australia’s proven in

place reserves, or 44 billion tonnes, is available for extraction by UCG.

It is estimated that there is potentially 406,000PJ of proven in place coal with a value of over $1,000 billion as

syngas and an additional 494,000PJ of un-mineableresource of similar value for UCG in Queensland.

PricewaterhouseCoopers 20082007 Survey of Energy Resources (2007) (World Energy Council)

History of UCG• Underground Coal Gasification has been

operating continuously at Yeristogaz in Uzbekistan since 1964. LNC owns 92% of Yeristogaz. As part of the ownership, Linc now owns all the relevant intellectual property and Licensing of UCG associated with Yeristogaz and the Russian technical knowhow.

• The gasification of coal was originally developed in the 1800’s to produce town gas for cooking and lighting.

• The advantage of gasification is that using the syngas is potentially more efficient than direct combustion of the original fuel because it can be combusted at higher temperatures.

How UCG works?

• Two wells (injection & production) are drilled into the coal seam.

• Wells are connected on the horizontal plane.

• Air/oxygen is introduced, creating the heat for gasification.

• The raw product gas is extracted via the production well. Key components are CO + H2

• Gas is cleaned and catalytically converted to liquid fuels in the GTL process.

GTL – Gas to Liquids• Gas to Liquid plant, is where the synthetic gas from the UCG

process is put through a chemical process to produce Hydrocarbons, in a refined for is Synthetic Diesel, Jet A1 or other products.

• Used by Germany during WWII and South Africa during apartheid.

• Companies with GTL plants include;

• SASOL – Mossel Bay, Secunda and Sasolburg +170k bpd

• SHELL – Bintulu, Malaysia. +14700bbd Pearl, Qatar +154k bpd

• EXXON – Alaska

Chinchilla Demonstration Facility

February 2009

Chinchilla Demonstration Facility

February 2009

Linc Energy’s Team

GTL Division• 26 personnel• 19 Specialists with

experience with leading GTL operators SASOL, Shell, Chevron

• 14 Brisbane based, 10 in Chinchilla

UCG Division• 22 personnel with broad

base of specialist skills including coal exploration, coal seam gas, conventional gas drilling, combustion technicians

• 15 in Brisbane; 7 in Chinchilla

Peter BondCEO

Anton RohnerCFO

• >15years finance and development experience in the energy, mining and banking industries in Asia, Africa and Australia.

Daryl RattaiGM UCG

Kobus TerblancheGM GTL

• Diversified entrepreneurial career spanning > 20 years

• Coal mining/processing/ corporate development background

• >20 yrs engineering experience in upstream & downstream sectors of the petroleum industry

• Extensive international experience

• Chemical engineer with significant GTL technical experience

• Instrumental in development and management of Mossgas GTL operation in South Africa

Over 100 staff make up the Linc Energy team.

Resources • Coal – Core Assets

• Chinchilla Measured 24Mt, Total JORC 774Mt

• Arckaringa Basin Total JORC 1,690Mt

• Powder River Basin, Wyoming Not measured, 92k acres

• Coal – Non Core Assets• Galilee Indicated 500Mt, Total JORC 7,800Mt

• Pentland Indicated 176Mt, Total JORC 226Mt

• Emerald Total JORC 852Mt

• Conventional Hydro Carbons• Arckaringa Basin Multiple play types both oil and gas shows

• Alaska 1TCF prospect

• Drilling in the Arckaringa and Walloway Basins on Petroleum and Exploration tenements.

• Initial drilling results in the Walloway Basin have been encouraging with a 1.0 to 1.3 billion tonne coal exploration target.

• Linc Energy is progressing further evaluation in Orroroo (pronounced oro-roo) for a commercial UCG to GTL facility.

• This facility may also include a UCG to Power operation.

South Australia – Path to Commercialisation

Powder River Basins

• Linc Energy has 173,327 acres of coal leases across the states of Wyoming, Montana and North Dakota.

• Site selection and drilling is soon to start in the area.

• Linc Energy has established a project office in Casper, Wyoming. A US head office has been established in Denver, Colorado.

Non-Core Assets• Galilee coal tonnage increased to 7.8 billion tonnes of coal

mineralisation in accordance with the JORC Code comprising a resource of:

• 7.3 billion tonnes Inferred• 500 million tonnes Indicated.

• Stage 1 drill program completed. Stage 2 program underway with in excess of 100 core holes planned.

• Linc Energy announced that UBS Investment Bank would manage the strategic sales process of it non-core assets: Emerald, Galilee and Pentland.

Emerald — Investment HighlightsConceptual mine plan completed for substantial underground mine yielding both semi-soft and export quality thermal coal product

Corvus 2 seam (in German Creek Coal Measures) is the main focusAnalysis to date suggests product will be 60% semi-soft coking at CSN of >2.5 Product yield is approximately 72% ROM at 5% ash

Tenement is in very close proximity to existing rail, road and town infrastructureExisting mines provide a competitive supply of mining service companiesTenement offers opportunity for relatively short development timeframe due largely to proximity to infrastructure

Product mix will be well positioned in current marketFreehold land—no native title implicationsMining lease application has been submittedIndependent valuation exceeds A$ 500 million dollars on conservative coal pricing

Galilee — Investment Highlights• MDLa 372 covers an area 260km2, located 180km

north of Alpha• 7.8 billion tonnes of coal mineralisation identified in

accordance with the JORC code

Investment proposition

Tenement description

• ‘Large, low cost, long life’ open cut mine opportunity– 30+ Mtpa– 30+ year life– Significant open cut resource with low average strip ratio

• Additional underground resource potential• Conceptual development plans underway• Export quality thermal product at 70-75% yield• Proximity to high demand markets in Asia• Supportive Government—supportive of private sector

infrastructure development• NPV Valuation exceeds A$ 1 billion dollars

UCG Progress• Soviet-style UCG technology

used for Generator 1, 2 and 3 at the Chinchilla Demonstration Facility.

• Generator 4 uses world-first Linc Energy developed UCG technology, with syngasproduced in 5 hours.

Horizontal well technologyAdoption of oil and gas

technology for reliabilityand repeatability

Increased resource recovery and generator life

Oxygen enrichmentIncreased capital efficiency

• Generator 5 planned for the Walloway Basin in South Australia will be better again.

UCG Generator 4

Proven GTL liquids production from UCG gas at Chinchilla

Significant advancement in core FT technology developments/improvements

Modifications to GTL plant completed with focus on improved conversion and reliability

Conceptual design study with Aker Solutions for the 20,000 bpd commercial facility in South Australia on schedule and within budget

Chinchilla pilot GTL plant will remain the technology hub for commercial design and technology development

Conversion rate is 1 tonne of coal = 1.5 barrels

GTL Technology Progress

Table of Company “Supermajor” Oil reserves

Billions of Reserves

Exxon Mobil 7.7

Royal Dutch Shell 3.7

BP 5.4

Chevron 7.1

ConocoPhillips 6.3

Total S.A. 5.8

Linc Energy – Orroroo, Powder River and Arckaringa Basins

>15?

Worldwide liquid reserves, www.petrostrategies.org Jan 2010

Exploration SuccessConfirmed a significant lignite resource(approx 1.3 billion tonnes) in South Australia

Thick coal seam, good UCG quality coal

Seam thickness a key driver for low cost gas

Well positioned relative to Adelaide and key transmission infrastructure.

Galilee resource increased to 7.8 billion tonnes

Largest resource position in the Galilee Basin

Value of significant open cut resource increased with further understanding of tertiary cover (depth to coal).

Completion of initial Arckaringa Basin program

− Significant resources confirmed

− Technical data for key UCG/GTL targets obtained.

Specifically targeting coal to meet UCG requirements.

Resources1st mover advantage by LNC . Secured main resources in Australia and USA for UCG.

2nd mover for other parties.

PeopleAt least 5 years, and access to

+50 years experience in Yeristogaz

UCG Technology+5 years for UCG Generator 1 to

Generator 4.

GTL Conceptual Design+2-3 years and access to people.

Barriers to Entry

Linc Energy Strategy for Accelerated Growth

Drill & Jorc 20 Billion tonnes of Coal in South Australia by Dec 2010

Commence UCG on First South Australian Site – Orroroo, Nov 2010

Commit to Power Generation in South Australia by end of 2010

Complete Engineering on Commercial GTL facility

Increase Coal Acreage Across Australia & USA

Have the first UCG operating in the USA by June 2011 and commercialise this opportunity quickly…

So what about cost?

Syngas cost =US$1.00 per gigajoule*$US28/barrel for Synthetic Fuels *$US15 per mW for Power Generation.“In a Nut-Shell its low-cost and very competitive”

*approximate costing’s based on current known circumstances and modelling and may-be effected by numerous issues in the future.

Thank you!

Peter BondManaging Director &

Chief Executive OfficerLinc Energy Ltd

32 Edward StreetBrisbane QLD 4000

Office: +61 7 3229 0800www.lincenergy.com.aupab@lincenergy.com.au