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Altona Energy Signs Agreement on the Arckaringa JV

Source: www.gulfoilandgas.com 11/14/2014, Location: Not categorized

AIM-listed Altona Energy has announced that Altona, Sino-Aus Energy Group and Wintask Group (together the 'JV Partners') have signed an agreement in respect of the terms of the Arckaringa project joint venture on 13 November, 2014, and have incorporated an Australian joint venture entity, Arckaringa Coal Chemical Joint Venture Co Pty Ltd, with the quantum of the contributions to be made in stage payments by Wintask and Sino-Aus totalling AUD$33 million. The Company will post its final results for the year ended 30 June 2014 at 7.01am today.

Highlights
• Investment into the Arckaringa project by Wintask and Sino-Aus of AUD$33 million
• Initial drilling programme and Bankable Feasibility Study ('BFS') targeted to be completed within two years
• Wintask and Sino-Aus will provide Altona with working capital of £2 million, subject to certain conditions, through a subscription of Altona ordinary shares of 0.1p each
• The product focus of the Arckaringa project will be Coal-to-Methanol, coal chemical and synthetic gas
production due to market demand and reliance of proven technology

Michael Zheng, Altona Energy's Executive Chairman, commented: 'We are delighted to have reached this milestone agreement with Sino-Aus and Wintask, which are both fully committed to the project. The new JV entity has been created to complete the BFS at Arckaringa, and ultimately to bring this world-class project to fruition. I would like to thank our shareholders for their patience and loyalty and we offer our promise that our entire focus will be on driving forward the drilling programme and BFS and further development of Arckaringa project, which will lay a solid foundation for future production.'

Altona is listed on the London Stock Exchange's AIM market. Its focus is firmly on the evaluation and development of the Company's coal-to-chemicals Arckaringa Project to exploit the huge coal resources, equivalent to 7.8 billion barrels, contained in three Exploration Licences covering 2,500 sq kms in the northern portion of the Permian Arckaringa Basin in South Australia.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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