("Altona" or the "Company")
Negotiation for New Petroleum Exploration Licence
and Business Update
Petroleum Exploration Licence Application
Altona Energy (NEX: ANR.PL), a resources company, announces that it has entered into early stage negotiations with a third party to acquire a Petroleum Exploration Licence Application (“PELA”) on a large tenement within a well-known coal bearing basin, the
The Company has commissioned a preliminary report from mining consultant WSP Australia (WSP”) which states the tenement is sufficiently prospective to warrant further investigations in respect to developing a commercially viable in-situ gasification (“ISG”) project. WSP has also indicated that such a project could form part of a commercially viable and much broader development by the Company, in the form of an ‘Energy Precinct’.
In addition to the chemical and other by-products possible from the ISG process, the Energy Precinct would be designed to produce energy from a variety of sources, including syngas from ISG, as well as a co-located wind and / or solar energy field.
The Company will report to shareholders in due course on the outcome of these negotiations, together with an initial cost plan and timeline to establish the presence of coal in at least two areas of the tenement at depths suitable for ISG.
The Company announced on
Furthermore, in respect of the company’s existing Australian activities, the board has agreed to withdraw its applications for the renewal of the three Exploration Licences (EL5676, 5677 and 5678) in the
Finally, at a board meeting held on 19 November, Mr
“The frustration for shareholders since 2015, has been the knowledge that Altona has had the financial backing from its joint venture partners and also vast amounts of mining data collected over many years of exploration on our tenements, but we did not own the correct licence to allow us to prosecute an in-situ gasification project. Early indications are that this new and very exciting opportunity could allow us to achieve what we set out to do five years ago.”
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Qinfu Zhang, Executive Director +44 (0) 7795 168 157 Philip Sutherland, Non-Executive Director +61 (0)402 440 339 Alfred Henry Corporate Finance Ltd(NEX Corporate Adviser) Jon Isaacs/ Nick Michaels+44 (0) 20 3772 0021 Leander (Financial PR) Christian Taylor- Wilkinson +44 (0) 7795 168 157
Altona is an exploration company focused on the evaluation, development and extraction of coal assets in
The Company was admitted to trading on AIM on