14 Jan 2015 07:00
14 January 2015
Altona Energy Plc
("Altona" or "the Company")
South Australian Government Consent
Altona (AIM: ANR) is pleased to announce that its joint venture entity, Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "JV Company"), has received Ministerial consent following a meeting on 13 January in Adelaide with the South Australian Government Minister for Mineral Resources and Energy, the Hon. Tom Koutsantonis.
This approval allows the transfer of the Arckaringa Exploration Licences into the JV Company and satisfies the final pre-condition in respect of the joint venture agreement, following the receipt of shareholder approval and the approval of the Australian Foreign Investment Review Board (FIRB) in December 2014. Therefore, the Company's joint venture partners, Wintask Group Limited and Sino-Aus Energy Group Limited will now make their first contributions, totalling AUD 6 million, into the JV Company within 30 days in accordance with the terms of the Joint Venture Agreement announced on 13 November 2014. Once the funds are received by the JV Company, work will commence on the planned drilling programme.
Furthermore, once the first contributions of funds have been received by the JV Company, Wintask Group Limited and Sino-Aus Energy Group Limited are to subscribe in cash at 1p per share for the first tranche of 100,000,000 Altona shares.
The Directors of Altona wish to thank the South Australian Government for its strong support of the project and the swift handling of the licence transfer. The JV Company proposes to establish an office in Adelaide in the near future where it can oversee the drilling programme and the future development of the project.
Michael Zheng, CEO of Altona Energy, commented:
"Having signed the joint venture agreement on 13 November 2014 we are pleased to have received Ministerial consent and met the final pre-conditions for the JV Company within just two months. The joint venture is now in control of its own destiny and we look forward to updating our shareholders with further news and developments of the drilling programme over the coming months."
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For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Michael Zheng, CEO
| +86 10 596 96 162
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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 / Alice Lane (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 coal-to-methanal, coal chemical and synthetic gas 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).