Altona Energy Share News (ANR)

Altona Energy has taken over full control of the flagship Arckaringa coal project in South Australia after receiving the green light from the country's government.The Australian Government Foreign Investment Review Board has approved Altona's proposed take-over of joint venture partner CNOOC-NEIA's 51% interest in the project. CNOOC's stake in the project will revert to Altona's wholly owned subsidiary Arckaringa Energy after the government said the proposal is exempt from examination under law.Exploration licences, previously held by joint venture partners Altona and CNOOC will be returned to the subsidiary. Altona said it will this week submit apply for environmental approval on an exploration programme.Altona's Chief Executive, Chris Lambert, said: "As a result of a great deal of hard work from a number of quarters we have achieved this important step earlier than expected."Lambert added that Parsons Brinckerhoff has also completed the authentication of the previously designed 31-hole drilling programme and identified a number of suitable drilling contractors. Parsons will arrange for the contractors to submit to Altona Energy an invitation to bid for the proposed drilling programme, subject to finance.Shares rose 14.29% to 1.20p at 08:15 on Wednesday.RD