10 Jul 2015 07:00
10 July 2015
Altona Energy plc
("Altona" or "the Company")
Business Update
The Company is pleased to announce the following updates:
The Exploration Licences, Nos. 4511, 4512 and 4513, in relation to the Company's Arckaringa Project drilling operations, have received permission from the South Australian government for a renewal of a period of 12 months, subject to the usual publication in the Government Gazette.
The Company has entered into a formal business relationship with Parsons Brinkerhoff, which has now delivered its exploration plan for Underground Coal Gasification (UCG) and a hydrology study for the Arckaringa site. The Company is in the process of adding its own evaluations to this information, ahead of the commencement of test drilling.
The Company remains confident in its choice of UCG as the best method of extraction for its Arckaringa site, and believes it will retain the support of the South Australian government, based on the publication of an in-depth report from December 2012 by the Energy Resource Division, entitled, Roadmap for Unconventional Gas Projects in South Australia. Shareholders are invited to follow this link for more information:
http://www.petroleum.dmitre.sa.gov.au/prospectivity/basin_and_province_information/unconventional_gas/unconventional_gas_interest_group/roadmap_for_unconventional_gas_projects_in_sa
The Company remains in negotiation with its joint venture partners, Sino-Aus Energy Group Limited and Wintask Group Limited. It is hoped a final agreement, beneficial to all parties, will be reached soon and the Company will provide an update once this has happened.
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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
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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 | |
John Howes / Mark Treharne (Corporate Broking)
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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 methanol and other syngas products for the Australian market and export from a resource exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).