Coal gas project advances following $22m IPO


A coal gasification project to fill Australia's oil gap will advance after Linc Energy Ltd yesterday raised $22 million on the Australian Stock Exchange.Linc has over six years demonstrated it can successfully develop gas from coal seams known as Cowpowie near Chinchilla on Queensland's Darling Downs.With funds raised it will purchase the property covvering the seams and 'aggressively execute' a plan to develop a gassification plant.Investors from London and the USA backed the capital raising to provide a secure alternatnative energy supply using Linc's 'unique processes'.Coal gasification involves drilling into coal seams to extract gas which can be turned into gas as a fuel or the feedstock to manufacture liquid fuels such as diesel.