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6 May 2009 07:00
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For Immediate Release |
6 May 2009 |
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Alkane Energy plc
("Alkane" or "the Company")
AGM Statement
Alkane Energy plc (AIM: ALK) is a fast growing owner and operator of "Gas to Power" plants in theΒ UK. Our strategically located gas source is coal mine methane (CMM) extracted from abandoned collieries.
At the Annual General Meeting of Alkane Energy plc, to be held today at 11.00am atΒ Edwinstowe House, High Street,Β Edwinstowe,Β Nottinghamshire,Β John Lander, Chairman of Alkane, will make the following statement:
"I am pleased to report that in 2008 the Company made a profit before tax on continuing operations of Β£1,948k compared with Β£853k in 2007, an increase of 128% year on year. Alkane has also grown its CMM revenue by a compound rate of 65% since 2004, to reach Β£5,200k in 2008.
2009 has started in line with expectations. Electricity sales contracts are in place for 95% of Alkane's existing UK capacity in 2009, with the average electricity sales price expected to be around Β£60/MWh compared to Β£48/MWh achieved in 2008. We have a number of contracts which run into Spring 2010 but we remain cautious on pricing thereafter.
As previously announced we completedΒ the sale of our stake in Pro2 Anlagentechnik GmbH on 2Β March 2009. Together with the repayment of a working capital loan of β¬2,000k and a shareholder loan of β¬1,960k,Β the totalΒ receipts from the saleΒ will beΒ approximatelyΒ β¬7,560k.Β Of this amount β¬5,880k has been received to date.Β Β
These funds are being utilised in the development of the project pipeline and we are making good progress with the roll-out programme. This project pipeline is aimed at expanding our installed capacity, over the medium term, to 50MWΒ and providing us with a portfolio of assets to replace sites where the gas reserves become depleted. We have successfully completed drillingΒ atΒ Bilsthorpe in Nottinghamshire,Β whichΒ is currently under construction; we expect the siteΒ be completed in the second half of 2009 and toΒ provideΒ generationΒ capacityΒ ofΒ upΒ toΒ 4.65MW.
Lord Fraser retires from the Board todayΒ afterΒ eightΒ years of successful service to Alkane. On behalf of the Board IΒ thank him for his contribution to the Company andΒ wish himΒ well for theΒ future.
In closing, I would like to thank my colleaguesΒ forΒ theirΒ hard work and expertiseΒ in continuing toΒ operateΒ a profitable business with good growth prospects."
John LanderΒ
Chairman
Enquiries:
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Alkane Energy plc Neil O'Brien, CEO Steve Goalby, Finance Director |
Tel: 01623 827927 |
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Buchanan Communications Dr. Ben Willey, Partner Miranda Higham, Associate Brewin Dolphin Andrew Emmott, Director |
Tel: 020 7466 5000Β Tel: 0845 270 8611 |
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