Altona Energy PLC Drilling Programme Update (8667A)
15 September 2018 - 12:00AM
UK Regulatory
TIDMANR
RNS Number : 8667A
Altona Energy PLC
14 September 2018
Altona Energy Plc
("Altona" or "the Company")
Drilling Programme Update
Further to the announcement on 17 July 2018, Altona (AIM:ANR)
provides the following update on the preparations for the Initial
Drilling Programme at the Westfield Tenement in South Australia and
the Company's intentions regarding the recently acquired licence
for pyrolysis technology in Australia.
The Antakiringa Matu-Yankunytjatjara Aboriginal Corporation
("AMYAC"), the Registered Native Title Body, has scheduled the
Native Title Heritage survey of the area of the Company's planned
drilling programme to occur in mid-October. The results of the
survey will be considered by the South Australian Department for
Energy and Mining in its assessment of the Company's Programme for
Environmental Protection and Rehabilitation ("PEPR").
In an important development, the Company has received a licence
to construct water wells from the environmental regulator. All
other arrangements, including drill rigs and exploration field
logistics remain in place and ready to be mobilised as soon as all
approvals are granted. The exploration project team based in South
Australia is meeting regularly and is fully focused and committed
to commencing the exploration programme as soon as all approvals
are received.
The Directors believe the recently announced licence for
pyrolysis technology in Australia presents a much wider and
potentially exciting route to the development of the Company's coal
assets. Using pyrolysis, there is the potential to convert coal
on-site into gas and then into electricity. This potentially brings
back into play the coal assets that the Company had, until
recently, considered uneconomic in Wintinna and Murloocoppie which
have already been extensively explored. In addition, the Company
will determine whether the attachment of a pyrolysis licence to
these assets will make them a potentially more attractive asset for
sale.
Phil Sutherland, Operations Director (Australia) commented:
"Getting the native title clearance has been outside of the
control of the Company but changes in timing are not unusual given
the complex nature of minerals exploration. We have used this to
undertake value adding activities including further research into
the geology and hydrology of the exploration ground and logistical
support for the exploration team on standby, both activities
designed to accelerate the exploration effort when this is fully
mobilised."
Nicholas Lyth, Chief Executive Officer, commented:
"The recently acquired pyrolysis licence means that we don't
have to just consider the potentially drier coal in Westfield.
Other deposits, already explored, have the potential to be
saleable. South Australia has a shortfall in electricity generation
but has extensive coal deposits. Pyrolysis has the potential to
convert coal into electricity."
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 +44 7769 906 686
Northland Capital Partners Ltd (Nomad and
Broker)
Matthew Johnson / Gerry Beaney / Jamie
Spotswood (Corporate Finance)
Isabella Pierre (Corporate Broking) +44 20 3861 6625
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contact rns@lseg.com or visit www.rns.com.
END
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