Altona Energy PLC FIRB Approval (5740Y)
December 02 2014 - 2:02AM
UK Regulatory
TIDMANR
RNS Number : 5740Y
Altona Energy PLC
02 December 2014
Embargoed until 7.00am 2 December 2014
Altona Energy Plc
("Altona" or "the Company")
FIRB Approval for Joint Venture
Altona (AIM: ANR) is pleased to announce that its recently
incorporated Australian joint venture entity, Arckaringa Coal
Chemical Joint Venture Co Pty Ltd (the JV Company), has received
consent from the Australian Foreign Investment Review Board
("FIRB").
The FIRB's approval of the JV Company is one of the conditions
needed to be met ahead of the transfer of the Exploration Licences
into the new entity, which is owned by Altona and its two joint
venture partners, Sino-Aus Energy Group Limited and Wintask Group
Limited. The two remaining conditions are to obtain ministerial
consent for the transfer of the Exploration Licences into the JV
Company and the approval by Altona shareholders for the issue of
new shares at a price of 1p each, at the AGM on 16 December 2014.
The Company believes that ministerial consent is expected to be
given shortly.
Relations between China and Australia are at an all-time high,
with the two governments signing a Free Trade Agreement on 17
November 2014, which will see, among other benefits, the removal of
tariffs on all resources and energy products. Coal remains the
second largest export from Australia to China, with over AUD9
billion of product exported in 2013.
Michael Zheng, Altona Energy's Executive Chairman,
commented:
"We are pleased to have received consent from FIRB, which brings
us one step closer to completing the preliminary measures with our
JV partners. With the new trade agreement in place between China
and Australia we are confident that the Arckaringa project will
deliver on its world class potential and provide significant
returns for our shareholders in the future."
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy Plc
Michael Zheng, Executive Chairman +8610 596 96 162
Leander (Financial PR)
Christian Taylor- Wilkinson +44 (0)7795 168 157
WH Ireland Ltd (Nomad)
Adrian Hadden
James Bavister +44 (0) 20 7220 1666
Old Park Lane Capital Plc (Broker)
Michael Parnes +44 (0) 20 7493 8188
About Altona Energy
Altona Energy is listed on the London Stock Exchange's AIM
market. Its focus is firmly on the evaluation and development of
the Company's flagship coal-to-methanal, coal chemical and
synthetic gas Arckaringa Project to exploit the huge 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 clean burning fuel
for Australia and the world from a resource equivalent to 7.8
billion barrels.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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