Altona Energy PLC Update on meetings in Australia (8896L)

TIDMANR

RNS Number : 8896L

Altona Energy PLC

24 April 2018

24 April 2018

Altona Energy Plc

("Altona" or "the Company")

Update on meetings in Australia

Altona (AIM:ANR) is pleased to provide an update on recent meetings held this month in Australia. Representatives from Sino-Aus Energy Group Limited ("Sino-Aus") and Wintask Group Limited ("Wintask"), Altona's two major Asian investors travelled to Adelaide to meet with Altona's CEO, Nick Lyth and Brenton Newell, Altona's geologist.

Mr Newell presented an outline exploratory drilling proposal and Altona is pleased to be able to report that all parties agreed to proceed with the exploratory drilling phase subject to receipt of the necessary drilling permit and land access consent. The Company anticipates expanding this initial phase to ensure that all areas which potentially contain economically extractable coal will be drilled. Much of the southern part of the Westfield tenement has never been adequately explored.

The Company expects to be in a position to update the market soon regarding the timing and extent of the drilling programme. Sufficient funds to complete the exploratory phase have been transferred to Altona's Australian bank account.

Nick Lyth, CEO, commented as follows:

"I am very pleased that both Sino-Aus and Wintask, having discussed the exploration phase drilling programme with Mr Newell, have agreed with Altona that the Company should proceed as quickly as possible.

"Whilst in Australia I also met with a number of non-coal exploration companies and it has become apparent that the resource sector generally and M&A activity in particular is starting to pick-up. Projects are seeking finance and this may present Altona with opportunities in the future."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

-ends-

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

 
Altona Energy plc 
 Nicholas Lyth, Chief Executive         [phone] 
 Officer                                         686 
Northland Capital Partners Ltd 
 (Nomad and Broker) 
 Matthew Johnson / Gerry Beaney 
 (Corporate Finance) 
 John Howes (Corporate Broking)     [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 24, 2018 02:00 ET (06:00 GMT)