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Update: Linc Energy goes into voluntary administration
SUSPENDED mainboard-listed company Linc Energy has entered into voluntary administration, it said in a Singapore Exchange filing on Friday morning.
Its directors have appointed Stephen Longley, Grant Sparks and Martin Ford of PPB Advisory as the administrators, effective April 15, the oil and gas firm said in its statement.
This followed its voluntary suspension announced on March 30, 2016.
"The administrators are working with the Company's management team to fully understand the options available to the company, which may potentially include a restructure of the company at an appropriate time," it said.
Linc Energy's business includes oil and gas operations, primarily onshore in the United States, and exploration for oil, shale and natural gas in South Australia.
In a separate filing later on Friday, Linc added that voluntary administration in Australia was analogous to judicial management in Singapore, and that its board had decided it was in the company's best interests to enter into voluntary administration at this time "after receiving legal and financial advice and considering all of the current commercial prospects available to the company to successfully complete a financial restructure of the business within a limited timeframe".