Altona Energy PLC Update on Joint Venture (8361E)
February 13 2015 - 02:30AM
UK Regulatory
TIDMANR
RNS Number : 8361E
Altona Energy PLC
13 February 2015
13 February 2015
Altona Energy Plc
("Altona" or "the Company")
Update on Joint Venture
Altona (AIM: ANR) announces that Arckaringa Coal Chemical Joint
Venture Co Pty Ltd (the "JV Company"), has today received proof of
payment relating to the first contribution payment from the
Company's joint venture partners Wintask Group Limited ("Wintask")
and Sino-Aus Energy Group Limited ("Sino-Aus").
Under the terms of the JV Agreement announced on 14 November
2014, Wintask and Sino-Aus agreed a first contribution of AUD$6
million into the JV Company 30 days following the effective date,
being the satisfaction of all conditions precedent. The first
contribution is split so that Wintask invest AUD$0.6 million and
Sino-Aus invest AUD$5.4 million. Ministerial consent from the South
Australian Government for the JV Company was received on 13 January
2015 which was the final condition precedent.
On 12 February 2015, Wintask contributed AUD$0.6 million and
Sino-Aus made a preliminary contribution of AUD$1.4 million into
the JV Company. Sino-Aus has agreed with the JV Company, Altona and
Wintask that it will pay the balance of its first contribution,
being AUD$4 million on or before 31 March 2015 and the JV Agreement
will be amended accordingly.
-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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