6 Sep 2013 07:00
6 September 2013
Altona Energy Plc
("Altona")
Arckaringa Project Update
Altona (AIM: ANR) today provides the following update on the tender and selection of the Drilling Services Provider at its Coals to Liquid (CTL) Arckaringa Project in South Australia.
CNOOC NEIA, the sole operator of the Arckaringa joint venture, has received bid documents from three of the five pre-qualified companies. CNOOC NEIA continues to evaluate the bids and is in the process of selecting the successful bidder.
Altona Energy awaits the outcome of CNOOC NEIA's internal selection process and anticipates that a presentation to the joint venture operating committee will be made in due course.
Altona's Executive Chairman, Chris Lambert, commented: "We look forward to CNOOC making their selection as quickly as is practicable, and subsequently being able to update the market on the eventual contract award to the successful bidder and the expected drilling programme commencement date."
For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Christopher Lambert, Chairman 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 Luca Tenuta
| +44 (0) 20 7493 8188 |
Tavistock Communications Mike Bartlett Simon Hudson | +44 (0) 20 7920 3150 |
About Altona Energy
Altona Energy is listed on the London Stock Exchange's AIM market. Its current focus is firmly on the evaluation and development of the Company's 49% interest in its flagship coal-to-liquids Arckaringa Project to exploit the huge 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 include a modern, combined-cycle power station adding 560Mw to the national grid and to produce clean burning fuel for Australia and the world from a resource equivalent to 7.8 billion barrels. Altona Energy has forged a Joint Venture with CNOOC New Energy Investment Co., Ltd., a subsidiary of the China National Offshore Oil Corporation (CNOOC), to complete the Project Bankable Feasibility Study and expedite the Project's development.
In addition to its Arckaringa interest, Altona Energy holds interests in two coal exploration licences in the Xinjiang Autonomous Region of the People's Republic of China. These interests are expected to provide early cash flow to enable the Company to progress the Arckaringa project and to continue to investigate additional opportunities to deploy the management team's expertise in clean energy.
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