4th Feb 2016 09:25
LONDON (Alliance News) - Altona Energy PLC on Thursday said its plans over the next six months look positive but the details remain uncertain, as the company reported a narrower pretax loss in the first half of the current financial year.
Altona, which does not currently generate any revenue, reported a GBP398,000 pretax loss in the six months to December 31, narrowing from a GBP1.2 million loss a year earlier after the company significantly reduced its costs.
"In 2016, we will commence operations at the Arckaringa site in South Australia, and we believe that Altona is at a new starting point in its development," said Chairman Qinfu Zhang.
Using a method called underground coal gasification, Altona is hoping to convert the estimated 7.80 billion tonnes of coal at the Arckaringa project, which is not JORC compliant, into gas. However, the company and its partners are still testing if that is feasible or whether it will have to "explore other extraction methods".
"Following the important progress made in 2015, the company is excited about the prospects for the coming year ahead. While the board is unable to provide an accurate timetable of events for the next six months, it hopes that by the end of the first quarter it will be in a position to update shareholders with a general plan for the initial test drilling programme at Arckaringa," said the company.
Altona shares were untraded at 0.707 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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