18th May 2018 12:33
LONDON (Alliance News) - Altona Energy PLC said Friday that it plans to conduct a drilling programme in the Westfield tenement located in Australia in August.
The initial drilling programme will consist of 15 holes which will each be drilled to a depth of 120 metres, expected to take three weeks. Altona intends to identify 100 million tonnes of economically extractable coal in the tenement.
Funding has already been gathering, however Altona still requires the issuing of statutory notices to the landowner,native title holder and petroleum exploration licence holder, approval from the Mines department, clearance of drill sites by the Native Title Heritage and the availability of a drill rig.
"I am delighted to be able to provide an update with a target to drill in August 2018. The economics of coal mining in Australia remain very positive and now is the right time to be developing the Westfield project," said Chief Executive Officer Nick Lyth.
"We are very pleased with the recent announcement from the Federal government of Australia that it is forming a panel which will look at policies to find new reserves and attract more investment into the resource sector. Governmental support is an important component in developing a project such as this," Lyth added.
Shares in Altona Energy were up 7.6% at 0.31 pence on Friday.
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