Share Name Share Symbol Market Type Share ISIN Share Description
Altona Energy Plc NEX:ANR NEX Ordinary Share GB00BFZNKV91
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 10.50p 8.00p 13.00p 10.50p 10.50p 10.50p 0 07:45:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Altona Energy Plc Business Update and Non-Executive Appointment

01/03/2019 7:00am

UK Regulatory (RNS & others)


 
TIDMANR 
 
1 March 2019 
 
                               Altona Energy plc 
 
                          ("Altona" or the "Company") 
 
                                Business Update 
 
                     Appointment of Non-Executive Director 
 
                                Delist from AIM 
 
Altona (NEX: ANR) is pleased to provide an update to shareholders following its 
transition to the NEX Exchange Growth Market ("NEX") on 1 February 2019. The 
Company's shares have today delisted from trading on AIM and now can only be 
traded on NEX. 
 
The Company's Executive Director, Qinfu Zhang and Chi Ma, the Board appointed 
representative of the Company's joint venture partner, Sino-Aus Energy Group 
Ltd, visited London in early February to meet with its UK advisers and certain 
shareholders. 
 
The main purpose for the visit was to discuss a potential new business 
opportunity, namely, an investment into a China-based vanadium mining company, 
as announced in an RNS on 14 January 2019. 
 
Possible Vanadium Mining Investment 
 
The Company continues to evaluate an investment into a significant Chinese 
vanadium mine, in which Qinfu Zhang is the beneficial owner of 40%, as 
announced on 14 January 2019. This investment, should it come to fruition, 
would be through a joint venture agreement and could take many months to reach 
its conclusion due to the strict laws in China regarding foreign company 
investments. 
 
The main product of the mine is Vanadium Pentoxide (V2O5) which is currently in 
very high demand in many industries, including steel strengthening, energy 
storage in industrial batteries, thermal imaging equipment, nano-fibre 
applications and as a catalyst in many industrial chemical reactions. 
 
The Board believes that an investment by Altona into such a company represents 
an excellent opportunity for shareholders. The benefit to the vanadium mining 
company is that by having a UK-based joint venture partner, it would be able to 
sell its product outside China where the price of vanadium is currently higher. 
 
The Board is planning a visit to the mine during April. 
 
Arckaringa UCG Project 
 
Altona is committed to the continued investment into its South Australian 
mining licences, with a longer-term view to execute its Underground Coal 
Gasification ("UCG") strategy at Arckaringa. Following the success of its 
neighbouring mining company, Leigh Creek Energy, which carried out a sygas test 
burn in October 2018, with the full support of the South Australian government, 
the Company is confident that it can achieve similar results in the future. The 
Board is cognisant of the challenges it faces to succeed in this project, 
having to obtain the necessary Petroleum Exploration Licence ("PEL") and 
environmental permits to allow it to commence testing. The Company believes 
that income generated from the proposed vanadium investment would be 
instrumental in moving the project forward. 
 
Sino-Aus Energy Group Ltd has reiterated its commitment to the Arckaringa 
project, where it has promised an investment of approx. AUD$30 million, should 
the licences be acquired. 
 
Through its wholly owned Australian subsidiary Arckaringa Energy Pty Ltd, 
Altona holds a 100% interest in three exploration licences covering 1,944 sq. 
kms in the northern portion of the Permian Arckaringa Basin in South Australia 
including three coal deposits - Westfield (EL5676), Wintinna (EL5677) and 
Murloocoppie (EL5678). 
 
Non-Executive Director Appointment 
 
The Company is pleased to announce that Philip Sutherland has rejoined the 
board as a Non-Executive Director with immediate effect, to look after the 
Company's interests in Australia. Mr Sutherland previously had resigned from 
the board in December 2018, after deciding he did not support the strategic 
direction the previous management team was taking Altona. Mr Sutherland fully 
supports the new Board's decision to reappraise the UCG project in Australia 
and the possible investment into the vanadium mine in China. Further 
information on Mr Sutherland, in accordance with paragraph 21, appendix 1 of 
the NEX Rules, is found at the end of this announcement. 
 
A UK-based Non-Executive Chairman is expected to be appointed in March. 
 
New Financial Team 
 
Altona has appointed Orana Corporate to provide the accounting and finance 
function for the Company. In addition, Orana have been appointed as the Company 
Secretary. 
 
The Company, in conjunction with Orana, is performing a thorough review of its 
historical financial operations during 2018, in order to be compliant with the 
rigorous corporate governance measures as set out by the various UK 
authorities, and to ensure it can move forward into 2019 with a clean bill of 
health. Orana is currently reviewing the Company's working capital requirements 
for the next 12 months in conjunction with the Board. 
 
Qinfu Zhang, Executive Director of Altona, commented, "We have a great deal of 
work to focus on during the year, which we hope will lead to Altona being a 
profitable and successful company. Whilst we are evaluating the possible 
vanadium project and continuing our progress in South Australia we wish to 
reassure shareholders that our focus is also on strong corporate governance and 
investor communications. Whilst both projects will take a long time to come to 
fruition, with many issues to overcome, we will provide updates to the market 
as often as possible." 
 
                                    -ends- 
 
For further information, please visit www.altonaenergy.com or contact: 
 
Altona Energy plc 
Qinfu Zhang, Executive Director                     +44 (0) 7795 168 157 
 
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 
 
 
Further information on Mr Sutherland: 
 
Philip George Sutherland, aged [xx], is or has been in the last five years a 
director of the following companies: 
 
Current Directorships                      Directorships in the last 5 
                                           years 
 
Altona Australia Ltd                       Altona Energy Plc 
 
Arckaringa Energy Ltd 
 
Arckaringa Coal Chemical Joint Venture 
Company Ltd 
 
Save as disclosed above, there is no additional information relating to Philip 
Sutherland which falls to be disclosed pursuant to paragraph 21 of Appendix 1 
of the NEX Exchange Growth Market - Rules for Issuers. 
 
Company Information 
 
Altona is an exploration company focused on the evaluation and development of 
its significant coal resource exceeding 7 billion tonnes (1.3 billion tonnes 
historic JORC compliant) in the northern portion of the Permian Arckaringa 
Basin in South Australia.  Through its wholly owned Australian subsidiary 
Arckaringa Energy Pty Ltd, Altona holds a 100% interest in three exploration 
licences covering 1,944 sq. kms in the northern portion of the Permian 
Arckaringa Basin in South Australia including three coal deposits - Westfield 
(EL5676), Wintinna (EL5677) and Murloocoppie (EL5678).  All three deposits lie 
close to the Adelaide to Darwin railroad and the Stuart Highway. 
 
The Company was admitted to trading on AIM on 10 March 2005.  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. 
 
 
 
END 
 

(END) Dow Jones Newswires

March 01, 2019 02:00 ET (07:00 GMT)

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