Altona Energy Plc Business Update

 
TIDMANR 
 
1 February 2018 
 
                               Altona Energy Plc 
 
                          ("Altona" or "the Company") 
 
                                Business Update 
 
Altona (AIM: ANR), a coal exploration company focused on South Australia, is 
pleased to announce a business update following a series of meetings held in 
January in Hong Kong and South Australia by its CEO, Nick Lyth, and its 
Director of Operations (Australia), Philip Sutherland. 
 
The meeting with the Company's Joint Venture Partners, Wintask Group Limited 
and Sino-Aus Energy Group Limited, to discuss a continuation of funding for the 
project at Arckaringa, was productive and it was agreed that a Memorandum of 
Understanding ("MoU") should be circulated. The Company is now waiting for a 
senior member of the board of the Joint Venture Company, who is currently 
hospitalised, to return to work to enable the MoU to be finalised. 
 
The Company met with the mining department of the South Australian Government 
to discuss, among other things, the acquisition of a new exploration licence 
for a tenement to the south of the Westfield tenement, where the Willoughby 
coal seam has been found to run. This application has now been made. The 
renewals of the Company's existing exploration licences are in the process of 
being finalised. 
 
The Company is currently in the process of selecting a new firm of engineering 
consultants, as it has become apparent that a smaller, more cost-effective 
team, with greater local knowledge of the Arckaringa Basin, will be better 
suited to a project of the size the Company is planning. Once a firm has been 
appointed, the Company will work with them to develop the next phase of 
exploration within the south western sector of Westfield. 
 
Meetings were also held with a number of third party contractors, such as 
mining equipment, earth moving specialists and the regional rail operator, to 
establish relationships which could be used to advance the project. 
 
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 Officer                  [phone] 
 
Leander (Financial PR) 
Christian Taylor- Wilkinson                             [phone] 
 
Northland Capital Partners Ltd (Nomad and 
Broker)                                                 [phone] 
Matthew Johnson / Gerry Beaney (Corporate 
Finance) 
John Howes (Corporate Broking) 
 
About Altona Energy 
 
Altona is listed on the London Stock Exchange's AIM market.  Its principal 
focus is on the evaluation and development of the Company's flagship Arckaringa 
Project to exploit the significant coal seams contained in three exploration 
licences covering 2,500 sq. kms in the northern portion of the Permian 
Arckaringa Basin in South Australia.  The Project has an historic resource 
exceeding 7.8 billion tonnes of coal (1.3 billion tonnes historic under JORC 
2004). 
 
 
 
END 
 

(END) Dow Jones Newswires

February 01, 2018 02:00 ET (07:00 GMT)