Linc Energy finds evidence of oil in Australia's Arckaringa Basin

Singapore

LINC Energy has found evidence of oil in the Arckaringa Basin in southern Australia with its first exploration well, in what the firm sees as a big step forward in its plans.

The firm has sent the cutting samples for laboratory tests in Brisbane, and expects the first results to be out in six to eight weeks. It will also run more tests to further define the prospectivity of the Stuart Range Formation, which was the first of three formations targeted with this exploration well.