Altona Energy Share Discussion Threads

[fozdad] 28/7/2016 09:41

Unbelievable!

[pembury] 28/7/2016 09:19

more delays!

'The company advises Shareholders that the acquisition of the PEL may take a number of months'

Not like they have already had several months!!!

That's 2016 gone then

[someuwin] 28/7/2016 09:17

28 July 2016

Altona Energy Plc

("Altona" or the "Company")

Update on Joint Venture

The Board of Altona (AIM: ANR) provides the following update for shareholders:

Further to recent discussions with the South Australian Government the board of
the Joint Venture company, Arckaringa Coal Chemical Joint Venture Co Pty Ltd
("JV Company") has been informed that, as well as its existing Exploration
Licences, it will need to obtain a Petroleum Exploration Licence ("PEL") before
it can commence test drilling at its Arckaringa site in South Australia. This
licence, which is governed by the Petroleum and Geothermal Energy Act (2000)
requires companies to conform to higher levels of regulation and is considered
necessary when extracting any type of hydrocarbon product (including extraction
by way of Underground Coal Gasification ("UCG")).

The JV Company proposes to comply with this new obligation and is reviewing the
required procedures. However, it is understood that the three Exploration
Licences relating to the tenements owned by Altona share a partial overlap with
PELA604, an application for a PEL owned by Linc Energy Ltd, which entered into
voluntary administration on 15 April 2016. As the area covered by this PEL
application is still valid despite Linc Energy being in administration, the JV
Company has been informed by the South Australian Government that it may need
to acquire this PEL it in order to commence any UCG activity on its tenement.
The Company has made representations to the South Australian Government
requesting assistance with the regulatory matter and will continue to liaise
with them in this regard.

The Company advises shareholders that the acquisition of the PEL may take a
number of months although the directors are not currently in a position to
state definitively how long the process will take. It is understood by the JV
Company that the relevant assets of Linc Energy are to be acquired by a third
party whose identity is unknown. The JV Company is attempting to establish the
identity of the purchaser and may then enter into negotiations to acquire the
right to apply for the PEL.

During this period of inactivity, the Board of Altona has agreed with its joint
venture partners, Sino-Aus Energy Group Ltd ("Sino-Aus") and Wintask Group
Limited ("Wintask") that the Joint Venture Agreement cannot be implemented as
contemplated. The Joint Venture partners will discuss possible variations to
the JV Agreement in due course to incorporate the change in timing as well as
the following matters:

* The Joint Venture Partners have agreed not to proceed with the second
subscription by Sino-Aus for 100 million ordinary shares of Altona at the
subscription price of 0.75 pence per share (to raise GBP750,000). The parties
will endeavour to re-negotiate the terms and timing of this subscription as
and when the PEL has been granted to the JV Company;

* as the partners of the JV Company have agreed that the project should be
postponed until the PEL is granted, the parties have agreed the return to
Sino-Aus its first tranche payment of AUD$5.4 million (less what has been
already spent on the project). Sino-Aus will deposit the funds into
short-term investment instruments, allowing it to generate a return.
Wintask will leave its first tranche payment of AUD$0.6 million with the JV
Company.

Finally, the reports being prepared by mining services company, Parsons
Brinckerhoff, have been completed; these being the UCG technology report and
the test drilling timetable relating to the proposed bankable feasibility
study. Therefore, once the licencing issue has been resolved, and the Joint
Venture terms renegotiated as required, the project will be in a position to
commence.

The Company will make further announcements on all of these matters in due
course.

-ends-

[pembury] 27/7/2016 13:29

it was 1.25p a few weeks back, secured $30m worth of finance last news received and payment tranches are now being made.

JV partners are putting $30m in and yet the mkt values this at 4m

Need to see the plan however after extensive talks with PB

[fozdad] 27/7/2016 13:16

That's an impressive intraday turnaround....bottom fishers or news on the way?

[pembury] 27/7/2016 11:21

is the finance still in place?, $30m secured by JV and a market cap now of £4m

?

[targatarga] 27/7/2016 09:39

Anything involving the Chinese is doomed. Expect to get shafted via the back door!

[pembury] 27/7/2016 09:38

SP tanks and they don't allow you to buy
Not that I want to before I see the next RNS!

[pembury] 27/7/2016 09:16

WTF is going on Altona????????

[binty936] 26/7/2016 12:38

I second that sentiment! The mind boggles as to why they haven't released any kind of update RNS!

[jbennett] 26/7/2016 11:06

Looks like one seller to me this morning, someone bailing out - and who could blame them! Getting really pee'd off with this now.

[pembury] 22/7/2016 09:02

Slowly built some confidence and now it's back to zero again!

[newkid] 22/7/2016 08:59

Bloody painful. Now all my positions are under water.

[pembury] 22/7/2016 08:41

Great work Altona!
0.5p

[popper4] 21/7/2016 16:04

I really thought that this time was different :( It just felt as if we had turned the corner with the last lot of news.

[pembury] 21/7/2016 15:45

I have also, poor as ever!
They wont reply either

[jbennett] 21/7/2016 15:32

I've just emailed the company, what good it'll do is anyone's guess.

[pembury] 21/7/2016 10:58

1.25p to 0.6p great work!

[jbennett] 18/7/2016 16:55

Need an update from the board here as sentiment is beginning to change. No buyers at these low levels.

[newkid] 18/7/2016 13:08

Hi unionhall. Not very good having the share price so low. Apart from all their positions being under water the project will need some positive sentiment going forward in order to either shift it on or to rise the funds to bring this online ourselves. Given the amount of money that has been injected so far, I would have thought the share price would have held. and yes, Popper4 is correct when he says it's frustrating.

[popper4] 18/7/2016 11:03

Unionhall, yes but when you have been here for as long as NewKid and me it is so frustrating to see this just keep going down and nothing seemingly happening.
Like today now down to .6 and .7 FFS.

[pembury] 15/7/2016 16:53

yes the bod happy as usual to see the share price going down the toilet