Altona Energy PLC Joint venture negotiation update (2143K)

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RNS Number : 2143K

Altona Energy PLC

23 June 2014

23 June 2014

Altona Energy Plc

("Altona")

Joint venture negotiation update

Altona (AIM: ANR) today announces that Altona and Sino-Aus continue to negotiate the terms of the Arckaringa project joint venture and each party has agreed that the term for the negotiation of the joint venture be extended until 31 July 2014.

Furthermore Sino-Aus and Altona have agreed to arrange a follow-up visit to South Australia for Sino-Aus to visit the project site in the coming weeks. This visit had to be rescheduled due to bad weather during the due diligence trip described in Altona's announcement of 15(th) May 2014. Altona will continue to keep shareholders informed.

Altona's Executive Chairman, Michael Zheng, said: "Sino-Aus and Wintask continue to be positive in respect of the Arckaringa project. We have seen them make detailed enquiries independently and through Altona to better understand the project, including technical matters and performing research on domestic and international product demand. Sino-Aus and Wintask are working constructively with Altona and because of the complexity of the project, it is entirely reasonable that the negotiation time be extended. It is encouraging that Sino-Aus and Wintask have invested so much time with the project to date and we are pleased that they wish to conclude the negotiation of the JV agreement on or before 31 July 2014."

For further information, please visit www.altonaenergy.com or contact:

 
Altona Energy Plc 
 Michael Zheng, Chairman                     [phone] 
WH Ireland Ltd 
 Adrian Hadden 
 James Bavister                              [phone] 
Old Park Lane Capital Plc 
 Michael Parnes                              [phone] 
Tavistock Communications 
 Mike Bartlett                               [phone] 
Marlow Communications (Australian media) 
 Stephen Marlow                            [phone] 
 

About Altona

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-liquids 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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