16 Apr 2015 07:00
16 April 2015
Altona Energy plc
("Altona" or "the Company")
Directorate Change and Joint Venture Update
Altona Energy plc announces the resignation of Michael Zheng as Chief Executive and a director of the Company with effect from 17 April 2015. Mr. Zhang Qinfu, Executive Chairman will assume the additional responsibilities of Chief Executive.
The Board would like to thank Michael for his dedicated contribution to the Company over the past seven years and especially his pivotal role in negotiating the Arckaringa joint venture agreement.
As previously announced, the Board is actively searching for a UK-based Non-executive Director to join the Company as soon as practical.
Mr Zhang, Executive Chairman of Altona, commented, "We wish to thank Michael for his tireless endeavours as Chairman and CEO over the past three years and wish him every success for the future."
Joint Venture Update
Further to the announcement made on 31 March 2015, the Company is pleased to report that Phil Sutherland, Non-executive Director of Altona, met with representatives of Sino-Aus Energy Group Limited ("Sino-Aus") and Wintask Group Limited ("Wintask"), in Adelaide, South Australia, last week to discuss amendments to the joint venture agreement announced on 14 November 2014 ("JV Agreement").
The JV Agreement will be amended to reflect a bankable feasibility study into an underground coal gasification ("UCG") project, with the objective to produce natural gas from the Arckaringa coal deposit. The JV Partners have engaged with Parsons Brinckerhoff, Australia, and the two parties will meet shortly in Adelaide where the team from Parsons Brinckerhoff will present its recommendations as to the most appropriate method to advance the project given the new focus on UCG. Further details of the revised JV Agreement are expected to be announced in the coming weeks.
-ends-
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 | |
John Howes / Mark Treharne (Corporate Broking)
| ||
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. It is estimated that the resource exceeds 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).