Altona Energy PLC Initial Drilling Programme Update (4990O)
May 18 2018 - 2:00AM
UK Regulatory
TIDMANR
RNS Number : 4990O
Altona Energy PLC
18 May 2018
Altona Energy Plc
("Altona" or "the Company")
Initial Drilling Programme Update
As announced on 24 April 2018, the Company intends to undertake
an Initial Drilling Programme to commence the process of proving up
the coal resource in the Westfield tenement.
Much of the southwest of this tenement has never been adequately
explored. Analysis of available drill results suggests that the
Willoughby seam is present in this area at a depth and thickness
that may be viable for mining operations, subject to the
identification of a suitable resource. It is the Company's target
to identify at least 100m tonnes of economically extractable coal
in the Westfield tenement.
Mr Newell, Altona's geologist, has reviewed all available data
and has planned the Initial Drilling Programme. This consists of up
to 15 holes which will each be drilled to a depth of approximately
120m. It is anticipated that it will take approximately three weeks
to drill all 15 holes. The funding required to complete this drill
programme has been deposited in Altona's Australian bank
account.
The following are required before drilling can commence:
1. Issuing of Statutory Notices to landowner, Native Title
holder and Petroleum Exploration Licence holder (commenced)
2. Mines Department Approval in form of a Programme for
Environmental Protection and Rehabilitation (drafting of the
application has commenced with the assistance of Euro Exploration
Services)
3. Native Title Heritage clearance of drill sites (this will be
organised through Native Title holders' lawyers)
4. Drill rig availability
The Company anticipates that the drilling programme will take
place in August 2018. However, this is subject to change based on
progress on the above. The Company will announce to the market as
and when each of these are arranged.
The Company is in the process of engaging a specialist
consultancy to advise on the direction of the project's development
and the best way to extract shareholder value. This may be
exportation of the coal but alternatives are potentially
viable.
Nick Lyth, Altona CEO commented as follows:
"I am delighted to be able to provide an update with a target to
drill in August 2018. The economics of coal mining in Australia
remain very positive and now is the right time to be developing the
Westfield project.
"We are very pleased with the recent announcement from the
Federal government of Australia that it is forming a panel which
will look at policies to find new reserves and attract more
investment into the resource sector. Governmental support is an
important component in developing a project such as this."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy plc
Nicholas Lyth, Chief Executive Officer +44 7769 906 686
Northland Capital Partners Ltd (Nomad and
Broker)
Matthew Johnson / Gerry Beaney (Corporate
Finance)
John Howes (Corporate Broking) +44 20 3861 6625
This information is provided by RNS
The company news service from the London Stock Exchange
END
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