Leigh Creek Energy - First gas at LCEP pre-commercial demonstration
Leigh Creek Energy (LCK) has announced first syngas at the Leigh Creek Energy Project (LCEP) pre-commercial demonstration (PCD). Successful gas flows provide initial validation of LCK’s in-situ coal gasification (ISG) process and the ability to operate in a safe manner while abiding by local environmental legislation. We expect to further de-risk our A$0.34/share valuation (down from A$0.38 after incorporating recent equity placings) on delivery of sustained flow rates over the 60- to 90-day operational period. The PCD phase has potential open sources of funding for full field development. We continue to use a 30% commercial chance of success for LCEP at this stage based on the company’s 2C ISG resource base (2,964PJ) via a combination of small-scale power generation, large-scale local power generation and piped methane sales.Leigh Creek Energy is engaged in the mineral exploration. Co. operates in the mining and exploration industry in Australia, focusing on its Leigh Creek Energy Project. As of June 30 2016, Co. held 100% interests in petroleum and mineral tenements located in Callabonna, Finniss Springs, Leigh Creek, Oakdale, and Roxby Downs.
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