Edison Investment Research - Leigh Creek Energy (LCK) Leigh Creek Energy - Environmental approvals de-risk LCEP

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Edison Investment Research

Sanjeev Bahl

Leigh Creek Energy - Environmental approvals de-risk LCEP

Leigh Creek Energy (LCK) has received statement of environmental objectives (SEO) approval for the pre-commercial demonstration (PCD) phase of the Leigh Creek Energy Project (LCEP) and important de-risking milestone ahead of commencing process well drilling, plant construction and operation. LCK will now submit activity notifications (ANs) to advise the regulator of specific activities to be carried out under the SEO. Accordingly, we de-risk our valuation for LCEP from a 20% commercial chance of success (COS) to 30%. Our base case valuation rises from A$0.26/share to A$0.38/share (+46%). A successful PCD, permitting and funding for full-field development would significantly de-risk LCEP.

10/05/2018 7 EN

Underlying

Leigh Creek Energy

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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AU000000LCK5 Australian Securities Exchange Australia

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sanjeev Bahl

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