LONDON (Alliance News) - Altona Energy PLC said Thursday it has temporarily suspended activity at its Westfield Tenement in Australia while in talks to combine its licenced pyrolysis technology with certain coal assets.
"The company continues to assess ways to exploit the exclusive licence it holds for the use of a pyrolysis technology in China and Australia. In Australia, the Company is investigating opportunities to combine its licenced pyrolysis technology with certain of its coal assets to potentially enhance the value of these assets," the firm said.
It added: "Given the opportunity to both develop the company's own assets with pyrolysis technology and to work with other holders of coal assets, the company has decided to temporarily suspend its survey and exploration activities at the Westfield Tenement."
Furthermore, Altona said it appointed Timothy Jones as non-executive chairman replacing Qinfu Zhang with immediate effect. Zhang remains on the board as an executive director.
Jones is currently a director of Management Resources Solutions PLC, a firm which provides infrastructure and mining support services in Australia.
Furthermore, Operations Director of Australia Philip Sutherland tendered his resignation with effect from January 2019.
Altona shares were trading down 5.4% at 101.75 pence each.