Altona Energy PLC Joint venture negotiation update (2143K)
23 June 2014 - 4:00PM
UK Regulatory
TIDMANR
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 +86 (10) 5969 6162
WH Ireland Ltd
Adrian Hadden
James Bavister +44 (0) 20 7220 1666
Old Park Lane Capital Plc
Michael Parnes +44 (0) 20 7493 8188
Tavistock Communications
Mike Bartlett +44 (0) 20 7920 3150
Marlow Communications (Australian media)
Stephen Marlow +61 (0) 8 8357 7707
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.
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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