27 Oct 2015 10:06
27 October 2015
Altona Energy plc
("Altona" or "the Company")
Update on Joint Venture
The Company provides an update regarding the Arckaringa Coal Chemical Joint Venture Co Pty Ltd.
Discussions with the Company's joint venture partners, Sino-Aus Energy Group Limited ("Sino-Aus") and Wintask Group Limited have been protracted due to the change in project focus to underground coal gasification, the complexity of the original joint venture agreement and volatile global equity and commodity markets. The Board of Altona believes that Sino-Aus remains committed to the project; however no assurances can be given as to when discussions regarding an amended joint venture agreement will be finalised, although negotiations are well advanced.
Nick Lyth, the Company's UK-based Non-Executive Director is due to meet with the joint venture partners in Xi'an, China in the next week. The Company will provide a further update in due course.
The Company expects to announce final results for the year ended 30 June 2015, before the end of November.
-ends-
Enquiries | ||
Altona Energy plc Zhang Qinfu, Executive Chairman
| +44 207 024 8391
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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 / Mark Treharne (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 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).