Altona Energy PLC JV Update (9683I)
March 31 2015 - 4:11AM
UK Regulatory
TIDMANR
RNS Number : 9683I
Altona Energy PLC
31 March 2015
31 March 2015
Altona Energy plc
("Altona" or "the Company")
Joint Venture Update
The Company announces that, following discussions with Wintask
Group Limited ("Wintask") and Sino-Aus Energy Group Limited
("Sino-Aus"), its partners in the Arckaringa Coal Chemical Joint
Venture Co Pty Ltd ("JV Company"), (together with Altona, the "JV
Partners"), a decision has been reached to amend the joint venture
agreement announced on 14 November 2014 ("JV Agreement").
The main focus of the changes to the JV Agreement will be to
consider a move towards underground coal gasification ("UCG"). The
JV Partners now believe this method potentially represents the most
economic option for the exploitation of the coal deposit.
The amendments to the JV Agreement are required as the agreement
in its current form is based on a bankable feasibility study
("BFS") for coal-to-methanol, coal chemical and synthetic gas
production. It is expected a revised business plan will be agreed
within a matter of weeks. As a consequence, the quantum and timing
of planned payments into the JV Company, and the proposed
investment into Altona by Wintask and Sino-Aus under the JV
Agreement are being reassessed by the JV Partners. Pending the
revised JV Agreement, the AUD$2 million invested by Wintask and
Sino-Aus into the JV Company has been returned. No shares have been
issued in the JV Company and the Arckaringa exploration licences
remain with Altona.
The Company will provide an update to shareholders regarding the
revised business plan and subsequent amendments to the JV Agreement
in due course.
-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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