11 February
2020
Altona Energy
Plc
("Altona" or “the Company")
Business
Update
Altona (NEX: ANR.PL), a coal exploration company with a focus on
in-situ gasification, announces that it plans to issue its Annual
Accounts for the year ended 30 June
2019 within the next two weeks. The delay has been caused by
a change in auditor and the evaluation and new treatment of its
historical Australian exploration licences.
The Company will look to shortly provide an update as to the
proposed acquisition of the new Petroleum Exploration Licence
Application (“PELA”), as first announced on 21 November 2019. The two parties have exchanged
an exclusivity agreement and final terms are being negotiated.
The Board has also agreed the immediate need for a fundraise to
finance ongoing costs, allow it to acquire the new exploration
licence and fund the preliminary exploration stages to confirm coal
deposits suitable for the in-situ gasification process.
Shareholders will be invited to participate in this fundraise and
documents to this effect will be posted out in the next two
weeks.
-ends-
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy
plc
Qinfu Zhang, Executive Director
Philip Sutherland, Non-Executive Director |
+44 (0) 7795 168 157
+61 (0)402 440 339 |
Alfred Henry
Corporate Finance Ltd (NEX Corporate Adviser)
Jon Isaacs / Nick Michaels |
+44 (0) 20 3772 0021 |
|
|
Leander (Financial
PR)
Christian Taylor- Wilkinson
|
+44 (0) 7795 168 157 |
Company Information
Altona is an exploration company focused on the evaluation,
development and extraction of coal assets in South Australia though the process of in-situ
gasification.
The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to
NEX on 1 February 2019. A copy
of its admission documents dated 4 March
2005 can be accessed on its website, www.altonaenergy.com.
This website is where items can be inspected under Rule 75 of
the NEX Rules for Issuers, from 1 February
2019.