2 Dec 2014 07:00
Embargoed until 7.00am 2 December 2014
Altona Energy Plc
("Altona" or "the Company")
FIRB Approval for Joint Venture
Altona (AIM: ANR) is pleased to announce that its recently incorporated Australian joint venture entity, Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the JV Company), has received consent from the Australian Foreign Investment Review Board ("FIRB").
The FIRB's approval of the JV Company is one of the conditions needed to be met ahead of the transfer of the Exploration Licences into the new entity, which is owned by Altona and its two joint venture partners, Sino-Aus Energy Group Limited and Wintask Group Limited. The two remaining conditions are to obtain ministerial consent for the transfer of the Exploration Licences into the JV Company and the approval by Altona shareholders for the issue of new shares at a price of 1p each, at the AGM on 16 December 2014. The Company believes that ministerial consent is expected to be given shortly.
Relations between China and Australia are at an all-time high, with the two governments signing a Free Trade Agreement on 17 November 2014, which will see, among other benefits, the removal of tariffs on all resources and energy products. Coal remains the second largest export from Australia to China, with over AUD9 billion of product exported in 2013.
Michael Zheng, Altona Energy's Executive Chairman, commented:
"We are pleased to have received consent from FIRB, which brings us one step closer to completing the preliminary measures with our JV partners. With the new trade agreement in place between China and Australia we are confident that the Arckaringa project will deliver on its world class potential and provide significant returns for our shareholders in the future."
For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Michael Zheng, Executive Chairman
| +8610 596 96 162
| |
Leander (Financial PR) Christian Taylor- Wilkinson
| +44 (0)7795 168 157 | |
WH Ireland Ltd (Nomad) Adrian Hadden James Bavister | +44 (0) 20 7220 1666 | |
Old Park Lane Capital Plc (Broker) Michael Parnes
| +44 (0) 20 7493 8188 | |
About Altona Energy
Altona Energy 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-methanal, coal chemical and synthetic gas 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 produce clean burning fuel for Australia and the world from a resource equivalent to 7.8 billion barrels.
-ends-