1 February 2018
Altona Energy Plc
(“Altona” or “the Company”)
Business Update
Altona (AIM: ANR), a coal exploration company focused on South Australia, is pleased to announce a business update following a series of meetings held in January in Hong Kong and South Australia by its CEO, Nick Lyth, and its Director of Operations (Australia), Philip Sutherland.
The meeting with the Company’s Joint Venture Partners, Wintask Group Limited and Sino-Aus Energy Group Limited, to discuss a continuation of funding for the project at Arckaringa, was productive and it was agreed that a Memorandum of Understanding (“MoU”) should be circulated. The Company is now waiting for a senior member of the board of the Joint Venture Company, who is currently hospitalised, to return to work to enable the MoU to be finalised.
The Company met with the mining department of the South Australian Government to discuss, among other things, the acquisition of a new exploration licence for a tenement to the south of the Westfield tenement, where the Willoughby coal seam has been found to run. This application has now been made. The renewals of the Company’s existing exploration licences are in the process of being finalised.
The Company is currently in the process of selecting a new firm of engineering consultants, as it has become apparent that a smaller, more cost-effective team, with greater local knowledge of the Arckaringa Basin, will be better suited to a project of the size the Company is planning. Once a firm has been appointed, the Company will work with them to develop the next phase of exploration within the south western sector of Westfield.
Meetings were also held with a number of third party contractors, such as mining equipment, earth moving specialists and the regional rail operator, to establish relationships which could be used to advance the project.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc
Nicholas Lyth, Chief Executive Officer |
+44 7769 906 686 |
Leander (Financial PR)
Christian Taylor- Wilkinson |
+44 7795 168 157 |
Northland Capital Partners Ltd (Nomad and Broker)
Matthew Johnson / Gerry Beaney (Corporate Finance)
John Howes (Corporate Broking) |
+44 20 3861 6625 |
About Altona Energy
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 seams contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project has an historic resource exceeding 7.8 billion tonnes of coal (1.3 billion tonnes historic under JORC 2004).
