Linc Energy updates on initiatives amid lower oil prices

OIL and gas explorer and producer Linc Energy gave an update to shareholders on Tuesday morning on what it is doing to adapt to the lower oil price environment.

In an announcement on the Singapore Exchange, the company said ongoing initiatives include a review of its hedging programme, reduction in operating costs, a focus on maintaining economic production of its Gulf Coast oil and gas assets, and strengthening of its balance sheet through a receivable factoring agreement.

Linc Energy closed at 42 Singapore cents on Monday, down 1.5 cents or 3.4 per cent. The company is trading near a one-year low.