9th Mar 2015 08:32
LONDON (Alliance News) - Altona Energy PLC Monday reported a narrowed net loss for the first half of its financial year.
Its net loss for the six months to December 31 was GBP1.8 million, compared with the loss of nearly GBP2.0 million it reported a year earlier. It isn't producing yet and so isn't recording any revenue.
The loss included GBP130,000 for professional fees related to the creation of its new joint venture, and a GBP225,000 provision related to the termination of former Chief Executive Christopher Lambert, who stepped down in December to pursue other business interests.
The energy company in November created Arckaringa Coal Chemical Joint Venture Co Pty Ltd with two investment partners to develop its Arckaringa coal project. It said it received AUD2 million from the partners last month towards the JV.
"The importance of this cannot be underestimated, for although we have engaged in a joint venture previously, it did not reach the stage where funds had been advanced for the purpose of commencing a test drilling programme at Arckaringa," new Chief Executive Michael Zheng said.
Altona wants to progress its test drilling programme at Arckaringa coal project in 2015 so that it stays on target to finish a bankable feasibility study by the end of two years.
"Like all projects of this size and nature, we cannot predict the exact timing and success of future operations but, with the initial funds in place, we, along with our joint venture partners, will engage with mining and engineering experts to ensure it is only the unpredictable that could delay the programme," it said.
Still, the company's shares were down 9.7% at 0.700 pence early Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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