15th Jun 2015 08:18
LONDON (Alliance News) - Altona Energy PLC Monday said talks with its joint venture partners about amending the agreement for the development of the Arkaringa coal deposit to reflect a change in the project focus to underground coal gasification are "progressing".
It said it hopes to be able to update the market "soon" with news of the amendments.
The joint venture partners are Wintask Group Ltd and Sino-Aus Energy Group Ltd.
It had first said that the partners had decided to amend the agreement back in March, and at that time had said it expected a revised business plan within a matter of weeks. The agreement in its current form is based on a bankable feasibility study for coal-to-methanol, coal chemical and synthetic gas production.
The company also appointed Nicholas Lyth as a non-executive director on its own board with immediate effect.
Altona Energy shares were down 10.0% at 0.405 pence in London Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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