30th Jul 2014 10:00
LONDON (Alliance News) - Altona Energy Wednesday said the negotiations over the Arckaringa joint venture deal are continuing in China.
Altona, alongside project partners Wintask and Sino-Aus, said the group recently held talks in X'ian over the commercial terms of the joint venture.
"All of the parties had hoped to conclude the joint venture agreement before 31 July 2014 however there is complexity inherent in negotiating an agreement across international jurisdictions for a project of the size and potential of the Arckaringa project," said Altona Chairman Michael Zheng.
"We are continuing to work very hard alongside Wintask and Sino-Aus and thank shareholders for their continued patience and look forward to giving further information in the near future," Zheng added.
Altona shares were down 9.5% to 0.86 pence on Wednesday, putting the stock amongst the biggest fallers on AIM.
By Sam Unsted; [email protected]; @SamUAtAlliance
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