Linc Energy to go into liquidation

The immediate ban earlier this year came after UCG pilot company Linc Energy went into voluntary administration.
The immediate ban earlier this year came after UCG pilot company Linc Energy went into voluntary administration.

Troubled oil and gas company Linc Energy is to be wound up after creditors unanimously voted to place it into liquidation.

PPB Advisory liquidator Grant Sparks said he expected creditors to get some money back.

Former employees are amongst the 155 creditors who are owed $320 million.

Five potential businesses have reported interest in buying Linc’s assets, and have until June 10 to make final bids.

The company went into administration last month after it was committed to stand trial on five charges relating to environmental breaches at its Chinchilla underground coal gasification site, north-west of Brisbane.

During a committal hearing earlier this year, it was alleged that fugitive gases from the site – including carbon monoxide, hydrogen and hydrogen sulphide – polluted a widespread area of up to 6m underground.

However, Queensland Environment Minister Dr Steven Miles said in terms of legal process, the recommendation to proceed to liquidation had not changed much to the prosecution over those charges.