Linc Energy Ltd (ASX:LNC) is developing underground coal gasification and gas to liquids projects in Australia, China and the United States along with conventional oil and gas operations in Australia and the U.S.
Linc Energy (ASX:LNC) (OTCQX:LNCGY) has advised that it is still in active negotiations with the Chinese counterparts concerning the purchase of its Emerald (Teresa) coal tenements in Queensland.
Since Linc Energy’s announcement in December, the Company has continued to progress discussions and as recently as the past two weeks, has participated in meetings in both China and Australia.
Negotiations are at a very sensitive stage, the company said, with further meetings scheduled for the coming fortnight. The company said it remains positive about the prospects for finalisation of a sale in the near term and "although disappointed that it has been unable to progress the transaction to a point whereby a detailed announcement could be made by the end of February, the Company will update the market as soon as it is in a position to do so, and in any event no later than Monday 23 March."
The company said, “it remains extremely confident of reaching a positive outcome in these negotiations. Both parties have been working tirelessly to complete the sale, but unfortunately the complexities of the transaction, the Chinese approval process and the current global financial crisis have delayed the completion more than we could have anticipated."