31 Jan 2014 07:00
31 January 2014
Altona Energy PLC
("Altona" or the "Company")
Termination of CNOOC JV and return of 51% interest in exploration licences
Altona (AIM: ANR) today announces the following update on the Arckaringa Project in South Australia.
Altona recently organised and attended a joint venture management committee meeting with CNOOC New Energy International (Australia) Pty Ltd ("CNOOC-NEIA"). As a result of this meeting Altona and CNOOC-NEIA have mutually agreed to terminate the joint venture and both parties have today signed a withdrawal and transfer deed.
Key features of the withdrawal and transfer are:
· CNOOC-NEIA's 51% interest in the project will revert to Altona, subject to South Australian Government approval
· CNOOC-NEIA will provide the key study materials that it has compiled and prepared since becoming operator of the project to Altona
· Upon completion Altona will become 100% owner and operator of the project and will have ultimate control over the project's progression and compliance
Altona Energy will provide the market with an update for the planned progression of the project.
Altona's Chief Executive, Chris Lambert, said: "We are pleased that we have agreed a mutually acceptable outcome with CNOOC-NEIA and we look forward to gaining full control of our project once again. The company would like to thank CNOOC-NEIA for its work on the project during the life of the Joint Venture.
For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Christopher Lambert, Chief Executive 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
| +44 (0) 20 7493 8188 |
Tavistock Communications Mike Bartlett Simon Hudson | +44 (0) 20 7920 3150 |
About Altona
Altona 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-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.
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