16 Dec 2015 13:06
16 December 2015
Altona Energy Plc
("Altona" or "the Company")
Result of AGM
Altona (AIM: ANR) is pleased to announce that at its AGM held earlier today, all resolutions were duly passed.
The Company is also pleased to announce that all pre-conditions, as stated in the Company's announcement of 5 November 2015, have now been satisfied with regards to its joint venture project with Sino-Aus Energy Group Limited ("Sino-Aus") and Wintask Group Limited ("Wintask"), together "the Joint Venture Partners". Therefore, Sino-Aus are to subscribe by 21 December 2015 for 100 million ordinary shares in the Company at a price of 0.5 pence per share, raising £500,000 for Altona, to be used as working capital.
In addition, the Joint Venture Partners, within 30 days of today's date, are to make the first financial contribution into the joint venture company, of AUD$6 million, with Sino-Aus contributing AUD$5.4 million and Wintask contributing AUD$0.6 million.
Qinfu Zhang, Executive Chairman of Altona, commented, "We are delighted that today's resolutions have been passed, as this marks a new milestone for the Company and for the Joint Venture with our honoured partners. Once the initial financial contributions have been received into the joint venture company, we will be able to commence our test drilling programme on our Arckaringa site, which represents a significant energy source for Australia and South East Asia.
"Our initial focus will be to investigate the feasibility of product extraction via underground coal gasification (UCG) using the latest technologies available to us, however our approvals from the South Australian government give us the flexibility to explore other extraction methods should we find this not to be the most suitable option for our asset."
-ends-
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Qinfu Zhang, Executive Chairman
| +44 (0)7555 679 245
|
Leander (Financial PR) Christian Taylor- Wilkinson
| +44 (0)7795 168 157 |
Northland Capital Partners Ltd (Nomad and Broker) Matthew Johnson / Gerry Beaney (Corporate Finance) John Howes / Mark Treharne (Corporate Broking)
| +44 (0)20 738 1100 |
About Altona
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 resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project is designed to produce syngas products for the Australian market and export from a resource exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).