It has been hard at work trying to cut costs, and Linc told the market today that 60 jobs from across the business would have to go.

Roughly 90% of the jobs lost were in the corporate and clean energy side of the business, with Linc telling investors that the cuts would not affect its core business.

While it’s losing 60 people, Linc said it expects to employ over 400 people across Australia, Europe, and Uzbekistan as it ramps up its underground coal gasification, gas to liquids and enhanced oil recovery businesses.

It said the restructure would incur a one-time cost of $500,000.

Linc also said it would look to offload some of its coal and shale assets

As a result of the broad restructure, Linc said it would be able to take its cash burn down from its current base of $38.2 million per quarter to a leaner $19 million.

As a result, Linc Energy’s total budget will be able to be fully-funded from its oil and gas business in the US.

Earlier this week Linc said its oil production had passed the 4000 barrels of oil per day landmark.

It said it was now aiming to hit more than 5000bpd by the end of the third quarter on its way to its 6000-7000bpd target by the end of the year.

Linc said it was now on target to hit revenue of $173 million per year by June next year, with net cash flow of $85 million after all costs.

As a result of the oil performance and the restructure, Linc expects to be cash positive in the 2013 financial year, excluding any extra cash Linc may rake in from monetisation of assets or equity injection.

This article first appeared in ILN's sister publication EnergyNewBulletin.net.