19 Mar 2014 07:00
19 March 2014
Altona Energy Plc
("Altona Energy")
Altona takes full control of Arckaringa Project
Altona (AIM: ANR) today announces the following update on the Arckaringa Project in South Australia.
Altona has been advised by the Australian Government Foreign Investment Review Board that its proposal, for CNOOC-NEIA's 51% interest in the project to revert to its wholly owned subsidiary Arckaringa Energy Pty Ltd, is exempt from examination under the Foreign Acquisition and Takeovers Act 1975 and Australia's Foreign Investment Policy. Altona is therefore now the 100% owner and operator of the Arckaringa Project.
Altona has also been advised by the South Australian Government that Ministerial consent has been given for the return of its Exploration Licences, previously held by the former Joint Venture partners Altona and CNOOC.
As a result of these Government approvals, Altona will this week submit an application for an exploration programme for Environment Protection and Rehabilitation to the South Australian Department for Manufacturing, Innovation, Trade, Resources and Energy.
Altona's project manager, Parsons Brinckerhoff, will also apply this week on Altona's behalf to the Department for Environment, Water and Natural Resources via the South Australian Arid Lands Natural Resources Management Board for an extension of the existing Water Affecting Activity Permit, which expires in late April 2014. This permit defines water management procedures for the drilling 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. Altona is extremely grateful to all the Government Representatives and Agencies and to the venture contractors for their support and efficiency which has enabled us to get ahead of the curve. It clearly demonstrates the renewed confidence in the Arckaringa Project which has emerged in the past three months."
He continued: "Parsons Brinckerhoff have also completed the authentication of the previously designed 31 hole drilling programme ( with slight amendments ) and identified a number of suitable drilling contractors and will now arrange for these companies to submit to Altona Energy an invitation to bid for the proposed drilling programme, subject to finance."
For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Christopher Lambert, Chief Executive Peter Fagiano, Executive Director
| +44 (0) 20 7024 8391
|
WH Ireland Ltd Adrian Hadden James Bavister
| +44 (0) 20 7220 1666 |
Old Park Lane Capital Plc Michael Parnes
| +44 (0) 20 7493 8188 |
Tavistock Communications Mike Bartlett Simon Hudson
| +44 (0) 20 7920 3150 |
About Altona
Altona is listed on the London Stock Exchange's AIM market. Its focus is firmly on the evaluation and development of the Company's flagship coal-to-liquids Arckaringa Project to exploit the huge coal resources, equivalent to 7.8 billion barrels, contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia.
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