The company acquired the interest through the acquisition of Renaissance Alaska, which holds an 84.5% interest in Renaissance Umiat.
Renaissance Umiat holds a 100% working interest in the Umiat oil field and an 80% net revenue interest in the project.
The Umiat oil field consists of 19,358 gross acres over three leases, which are located in the western foothills/foldbelt province of the North Slope Foothills of Alaska.
Linc Energy CEO Peter Bond said the acquisition marks another significant step in the company’s US business strategy and evidences its long-term commitment to its Alaskan operations as one of the centrepieces of the company.
"Using Umiat as a northern base of operations, we intend to increase our oil, natural gas and coal exploration and development activities across the North Slope Foothills," Bond said.
