Altona Energy PLC South Australian Government Consent (1142C)
January 14 2015 - 2:00AM
UK Regulatory
TIDMANR
RNS Number : 1142C
Altona Energy PLC
14 January 2015
14 January 2015
Altona Energy Plc
("Altona" or "the Company")
South Australian Government Consent
Altona (AIM: ANR) is pleased to announce that its joint venture
entity, Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "JV
Company"), has received Ministerial consent following a meeting on
13 January in Adelaide with the South Australian Government
Minister for Mineral Resources and Energy, the Hon. Tom
Koutsantonis.
This approval allows the transfer of the Arckaringa Exploration
Licences into the JV Company and satisfies the final pre-condition
in respect of the joint venture agreement, following the receipt of
shareholder approval and the approval of the Australian Foreign
Investment Review Board (FIRB) in December 2014. Therefore, the
Company's joint venture partners, Wintask Group Limited and
Sino-Aus Energy Group Limited will now make their first
contributions, totalling AUD 6 million, into the JV Company within
30 days in accordance with the terms of the Joint Venture Agreement
announced on 13 November 2014. Once the funds are received by the
JV Company, work will commence on the planned drilling
programme.
Furthermore, once the first contributions of funds have been
received by the JV Company, Wintask Group Limited and Sino-Aus
Energy Group Limited are to subscribe in cash at 1p per share for
the first tranche of 100,000,000 Altona shares.
The Directors of Altona wish to thank the South Australian
Government for its strong support of the project and the swift
handling of the licence transfer. The JV Company proposes to
establish an office in Adelaide in the near future where it can
oversee the drilling programme and the future development of the
project.
Michael Zheng, CEO of Altona Energy, commented:
"Having signed the joint venture agreement on 13 November 2014
we are pleased to have received Ministerial consent and met the
final pre-conditions for the JV Company within just two months. The
joint venture is now in control of its own destiny and we look
forward to updating our shareholders with further news and
developments of the drilling programme over the coming months."
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy Plc
Michael Zheng, CEO +86 10 596 96 162
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 / Alice Lane (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 coal-to-methanal, coal chemical and synthetic
gas 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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