BBY Limited
ABN 80 006 707 777 Participant of Australian Stock Exchange Group and regulated by the Financial Services Authority (FSA) in the UK
Melbourne Sydney London Internet
Tel: 61 3) 9226 0000 Tel: 61 2) 9226 0000 Tel: 44 207) 618 3730 http://www.bby.com.au/
Fax: 61 3) 9226 0244 Fax: 61 2) 9226 0066 Fax: 44 207) 618 3777
This report may contain general securities advice or recommendations which, while believed to be accurate at the time of publication, are not appropriate for all persons or accounts.Before acting on any advice or recommendations, a person should contact a BBY adviser to determine whether or not the recommendations are appropriate; or should form his/her own view given the person’s investment objectives, financial situation and particular needs.
Although every attempt has been made to verify the accuracy of the information contained in the document, liability for any errors or omissions (except any statutory liability which cannot be excluded) is specifically excluded by BBY, its associates, officers, directors, employees and agents. A full international disclaimer is contained on the final page of this report.
Linc Energy Limited Linc set for the Global Stage LNC A$0.58 BUY
31 May 2007 S&P/ASX 200 28 April 2006 XJO Jeremy Tobias
+612 9226 0086
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
BBY maintains its BUY recommendation on Linc Energy Limited (LNC) after the company announced that it had signed an international Memorandum of Understanding with Shiv-Vani (listed on the Bombay stock exchange), India’s largest non-government oil and gas drilling and exploration company. The MOU provides for the establishment of potential JVs between LNC and Shiv-Vani in the field of Underground Coal Gasification (UCG). The aim is to utilise the UCG gas production for power generation, and in the medium term, coal to liquids diesel fuel production. We have lifted our 12 month share price target to A$0.80/sh (prev A$0.60/sh) and have left our DCF valuation of A$1.52/sh unchanged.