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3 May 2012 08:00
Press Release | 3 May 2012 |
Alkane Energy plc
("Alkane" or "the Company")
Announcement of Admission of Shares to Trading on AIM
Following the announcement by Alkane (AIM:ALK) on 27 April 2012 confirming the successful completion of the acquisition of Greenpark Energy Limited ("Greenpark"), Alkane is pleased to announce that 1,162,237 new ordinary shares of 0.5 pence each in the share capital of the Company, which were issued as part of the consideration payable to the vendor of Greenpark, were admitted to trading on AIM at 8.00 a.m. on 3 May 2012.
The vendor of Greenpark has undertaken that until 31 December 2012 it will only dispose of those shares through brokers nominated by the Company.
- ENDS-
For further information please contact:
Alkane Energy plc Neil O'Brien, Chief Executive Officer Steve Goalby, Finance Director
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+44 1623 827927 +44 1623 827927 |
Altium Capital (Nominated Advisor) Adrian Reed / Andy Clarke |
+44 845 505 4343
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About Alkane:
Alkane Energy is one of the UK's fastest growing independent power generators. The Company operates mid-sized "gas to power" electricity plants providing predictable and fast response capacity to the grid. Following the acquisition of Greenpark Energy Limited ("Greenpark"), Alkane has a total of 70MW of installed generating capacity and an electrical grid capacity of 92MW.
Our main operations are based on a portfolio of Coal Mine Methane ("CMM") sites. Alkane has the UK's leading portfolio of CMM licences, enabling the Company to extract gas from abandoned coal mines. Alkane started extracting CMM for direct sales of gas in 1999 with sites at Shirebrook, Steetley and Markham.
As CMM declines at any one site Alkane retains valuable generating capacity and a grid connection which we move to power response. Power response sites are connected to mains gas and produce electricity at times of high electrical demand or in order to balance the electricity grid. Alkane now operates 24MW on conventional gas post the Greenpark acquisition.
The Group operates from 19 mid-size (up to 10MW) power plants across the UK, 12 CMM and four conventional gas, and sells this power through the electricity network, using standard modular reciprocating engines to generate the electricity. The engine units and other plant are designed to be flexible and transportable and this allows additional capacity to be brought onto growing sites and underutilised plant to be moved to new sites to maximise efficiency.
The biogas market also provides a potential new business stream. Running on gas generated from the processing of organic waste will require exactly the same power assets and core gas and electricity skills as CMM.
Coal bed methane ("CBM") is a longer term opportunity where Alkane has 500km(2) under licence and contingent resource estimates of circa 350 billion cubic feet. In February 2012 the Company signed a partnership agreement with Aberdeen Drilling Management Limited to explore two of our licences with CBM potential.
More information is available on our website www.alkane.co.uk
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