13 Feb 2015 07:30
13 February 2015
Altona Energy Plc
("Altona" or "the Company")
Update on Joint Venture
Altona (AIM: ANR) announces that Arckaringa Coal Chemical Joint Venture Co Pty Ltd (the "JV Company"), has today received proof of payment relating to the first contribution payment from the Company's joint venture partners Wintask Group Limited ("Wintask") and Sino-Aus Energy Group Limited ("Sino-Aus").
Under the terms of the JV Agreement announced on 14 November 2014, Wintask and Sino-Aus agreed a first contribution of AUD$6 million into the JV Company 30 days following the effective date, being the satisfaction of all conditions precedent. The first contribution is split so that Wintask invest AUD$0.6 million and Sino-Aus invest AUD$5.4 million. Ministerial consent from the South Australian Government for the JV Company was received on 13 January 2015 which was the final condition precedent.
On 12 February 2015, Wintask contributed AUD$0.6 million and Sino-Aus made a preliminary contribution of AUD$1.4 million into the JV Company. Sino-Aus has agreed with the JV Company, Altona and Wintask that it will pay the balance of its first contribution, being AUD$4 million on or before 31 March 2015 and the JV Agreement will be amended accordingly.
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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).