Altona Energy PLC Business Update (6804S)
July 10 2015 - 2:00AM
UK Regulatory
TIDMANR
RNS Number : 6804S
Altona Energy PLC
10 July 2015
10 July 2015
Altona Energy plc
("Altona" or "the Company")
Business Update
The Company is pleased to announce the following updates:
The Exploration Licences, Nos. 4511, 4512 and 4513, in relation
to the Company's Arckaringa Project drilling operations, have
received permission from the South Australian government for a
renewal of a period of 12 months, subject to the usual publication
in the Government Gazette.
The Company has entered into a formal business relationship with
Parsons Brinkerhoff, which has now delivered its exploration plan
for Underground Coal Gasification (UCG) and a hydrology study for
the Arckaringa site. The Company is in the process of adding its
own evaluations to this information, ahead of the commencement of
test drilling.
The Company remains confident in its choice of UCG as the best
method of extraction for its Arckaringa site, and believes it will
retain the support of the South Australian government, based on the
publication of an in-depth report from December 2012 by the Energy
Resource Division, entitled, Roadmap for Unconventional Gas
Projects in South Australia. Shareholders are invited to follow
this link for more information:
http://www.petroleum.dmitre.sa.gov.au/prospectivity/basin_and_province_information/unconventional_gas/unconventional_gas_interest_group/roadmap_for_unconventional_gas_projects_in_sa
The Company remains in negotiation with its joint venture
partners, Sino-Aus Energy Group Limited and Wintask Group Limited.
It is hoped a final agreement, beneficial to all parties, will be
reached soon and the Company will provide an update once this has
happened.
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc
Zhang Qinfu, Executive Chairman +44 207 024 8391
Leander (Financial PR)
Christian Taylor- Wilkinson +44 7795 168 157
Northland Capital Partners Limited
(Nominated Adviser and Broker)
Gerry Beaney / Matthew Johnson (Corporate
Finance) +44 20 7382 1100
John Howes / Mark Treharne (Corporate
Broking)
About Altona
Altona is listed on the London Stock Exchange's AIM market. Its
principal focus is on the evaluation and development of the
Company's flagship Arckaringa Project to exploit the significant
coal resources contained in three exploration licences covering
2,500 sq. kms in the northern portion of the Permian Arckaringa
Basin in South Australia. The Project is designed to produce
methanol and other syngas products for the Australian market and
export from a resource exceeding 7.8 billion tonnes of coal (1.3
billion tonnes JORC compliant).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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