16th Apr 2015 08:03
LONDON (Alliance News) - Altona Energy PLC shares were trading higher on Thursday morning after the company said its chief executive has resigned and said it has made progress on making amendments to its joint venture with Sino-Aus Energy Group Ltd and Wintask Group Ltd.
Altona said Michael Zheng has resigned from his position as its chief executive, with effect from Friday. Zhang Qinfu, the company's executive chairman, will take on the CEO responsibilities.
The company said it has reached an agreement with Sino-Aus and Wintask to amend their joint venture agreement to reflect a bankable feasibility study into an underground coal gasification project, with the plan to produce natural gas from the Arckaringa coal deposit in Australia.
It expects to provide further updates on the joint venture agreement in coming weeks.
Altona shares were up 22% to 0.475 pence on Thursday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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