Altona Energy Plc Business Update
February 01 2018 - 2:00AM
UK Regulatory
TIDMANR
1 February 2018
Altona Energy Plc
("Altona" or "the Company")
Business Update
Altona (AIM: ANR), a coal exploration company focused on South Australia, is
pleased to announce a business update following a series of meetings held in
January in Hong Kong and South Australia by its CEO, Nick Lyth, and its
Director of Operations (Australia), Philip Sutherland.
The meeting with the Company's Joint Venture Partners, Wintask Group Limited
and Sino-Aus Energy Group Limited, to discuss a continuation of funding for the
project at Arckaringa, was productive and it was agreed that a Memorandum of
Understanding ("MoU") should be circulated. The Company is now waiting for a
senior member of the board of the Joint Venture Company, who is currently
hospitalised, to return to work to enable the MoU to be finalised.
The Company met with the mining department of the South Australian Government
to discuss, among other things, the acquisition of a new exploration licence
for a tenement to the south of the Westfield tenement, where the Willoughby
coal seam has been found to run. This application has now been made. The
renewals of the Company's existing exploration licences are in the process of
being finalised.
The Company is currently in the process of selecting a new firm of engineering
consultants, as it has become apparent that a smaller, more cost-effective
team, with greater local knowledge of the Arckaringa Basin, will be better
suited to a project of the size the Company is planning. Once a firm has been
appointed, the Company will work with them to develop the next phase of
exploration within the south western sector of Westfield.
Meetings were also held with a number of third party contractors, such as
mining equipment, earth moving specialists and the regional rail operator, to
establish relationships which could be used to advance the project.
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.
-ends-
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc
Nicholas Lyth, Chief Executive Officer +44 7769 906 686
Leander (Financial PR)
Christian Taylor- Wilkinson +44 7795 168 157
Northland Capital Partners Ltd (Nomad and
Broker) +44 20 3861 6625
Matthew Johnson / Gerry Beaney (Corporate
Finance)
John Howes (Corporate Broking)
About Altona Energy
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 seams contained in three exploration
licences covering 2,500 sq. kms in the northern portion of the Permian
Arckaringa Basin in South Australia. The Project has an historic resource
exceeding 7.8 billion tonnes of coal (1.3 billion tonnes historic under JORC
2004).
END
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