Singapore Listed Linc Energy Enters Voluntary Administration

Singapore listed oil and gas Linc Energy on Friday announced it has entered into voluntary administration.

The company has appointed Stephen Longley, Grant Sparks and Martin Ford of PPB Advisory as administrators, effective 15th April 2016.

“The voluntary administration process in Australia is analogous to the judicial management process under Singapore Corporations Law. 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 said in a statement.

Linc Energy is a global oil and gas company with a broad portfolio of oil, gas and coal assets. Its business activities include oil and gas operations in USA and exploration for conventional & unconventional (shale) oil and natural gas in the Arckaringa basin in South Australia. It deploys its proprietary unconventional gas extraction technology, underground coal gasification (UCG), in Asia and Africa.