15 Jun 2015 09:06
15 June 2015
Altona Energy plc
("Altona" or "the Company")
Appointment of UK Non-Executive Director
Joint Venture Update
Altona Energy plc is pleased to announce the appointment of Mr Nicholas (Nick) Lyth as a Non-executive Director to the board of Altona with immediate effect.
Mr. Lyth is an experienced AIM board director and qualified accountant with over five years' experience advising a number of publically quoted companies. He is a Mandarin speaker and has used this skill in his capacity as a director on the boards of various AIM companies including Univision Engineering Ltd, China Rerun Chemical Company Ltd and Taihua plc.
Prior to his recent public company experience, Mr. Lyth was Group Finance and Purchasing Director of Belle Group, a manufacturer of engineering equipment operating across Europe, the US and China. He was also Head of Finance at Fothergill Group, a UK manufacturer of technical industrial fabrics, between 1996 and 2003. In his early career, Nick was a management accountant at Courtaulds plc and Rotunda plc.
Mr Zhang, Executive Chairman of Altona, commented, "We welcome Nick to the board of Altona. He brings with him a wealth of AIM market and finance experience. We also hope Nick's knowledge of Mandarin will enhance communications between our UK shareholders and our Chinese management team."
Joint Venture Update
As announced on 16 April 2015, Altona is in the process of amending the Joint Venture Agreement for the development of the Company's Arkaringa coal deposit to reflect a change in the project focus to underground coal gasification ("UCG"). The discussions between the joint venture parties are progressing and the Company hopes to be able to update the market soon with news of the amendments to the Joint Venture Agreement announced on 14 November 2014.
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For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Zhang Qinfu, Executive Chairman
| +44 207 024 8391
|
Leander (Financial PR) Christian Taylor- Wilkinson
| +44 7795 168 157 |
Northland Capital Partners Limited (Nominated Adviser and Broker) Gerry Beaney / Matthew Johnson (Corporate Finance) | +44 20 7382 1100 |
Additional information
Nicholas Lyth, aged 49, is or has been in the past five years a director of the following companies:
Current
|
| Previous |
China Rerun Chemical Company Ltd |
| NL Consulting Ltd |
DKG Capital Ltd | ||
DKG Holding Ltd | ||
Taihua plc Univision Engineering Ltd |
|
|
Mr. Lyth does not currently have an interest in the ordinary shares of Altona Energy plc.
There is no further information in relation to the appointment of Mr. Lyth which is required to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules.
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 2,500km2 in the northern portion of the Permian Arckaringa Basin in South Australia. It is estimated that the resource exceeds 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).