Altona Energy PLC Directorate Change and Update (3889K)
April 16 2015 - 2:00AM
UK Regulatory
TIDMANR
RNS Number : 3889K
Altona Energy PLC
16 April 2015
16 April 2015
Altona Energy plc
("Altona" or "the Company")
Directorate Change and Joint Venture Update
Altona Energy plc announces the resignation of Michael Zheng as
Chief Executive and a director of the Company with effect from 17
April 2015. Mr. Zhang Qinfu, Executive Chairman will assume the
additional responsibilities of Chief Executive.
The Board would like to thank Michael for his dedicated
contribution to the Company over the past seven years and
especially his pivotal role in negotiating the Arckaringa joint
venture agreement.
As previously announced, the Board is actively searching for a
UK-based Non-executive Director to join the Company as soon as
practical.
Mr Zhang, Executive Chairman of Altona, commented, "We wish to
thank Michael for his tireless endeavours as Chairman and CEO over
the past three years and wish him every success for the
future."
Joint Venture Update
Further to the announcement made on 31 March 2015, the Company
is pleased to report that Phil Sutherland, Non-executive Director
of Altona, met with representatives of Sino-Aus Energy Group
Limited ("Sino-Aus") and Wintask Group Limited ("Wintask"), in
Adelaide, South Australia, last week to discuss amendments to the
joint venture agreement announced on 14 November 2014 ("JV
Agreement").
The JV Agreement will be amended to reflect a bankable
feasibility study into an underground coal gasification ("UCG")
project, with the objective to produce natural gas from the
Arckaringa coal deposit. The JV Partners have engaged with Parsons
Brinckerhoff, Australia, and the two parties will meet shortly in
Adelaide where the team from Parsons Brinckerhoff will present its
recommendations as to the most appropriate method to advance the
project given the new focus on UCG. Further details of the revised
JV Agreement are expected to be announced in the coming weeks.
-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. It is estimated that the resource exceeds
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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