Altona Energy PLC Update on Joint Venture (5514D)
October 27 2015 - 6:06AM
UK Regulatory
TIDMANR
RNS Number : 5514D
Altona Energy PLC
27 October 2015
27 October 2015
Altona Energy plc
("Altona" or "the Company")
Update on Joint Venture
The Company provides an update regarding the Arckaringa Coal
Chemical Joint Venture Co Pty Ltd.
Discussions with the Company's joint venture partners, Sino-Aus
Energy Group Limited ("Sino-Aus") and Wintask Group Limited have
been protracted due to the change in project focus to underground
coal gasification, the complexity of the original joint venture
agreement and volatile global equity and commodity markets. The
Board of Altona believes that Sino-Aus remains committed to the
project; however no assurances can be given as to when discussions
regarding an amended joint venture agreement will be finalised,
although negotiations are well advanced.
Nick Lyth, the Company's UK-based Non-Executive Director is due
to meet with the joint venture partners in Xi'an, China in the next
week. The Company will provide a further update in due course.
The Company expects to announce final results for the year ended
30 June 2015, before the end of November.
-ends-
Enquiries
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
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