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.
-ends-
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).