31st Mar 2015 09:58
LONDON (Alliance News) - Altona Energy PLC on Tuesday said it has reached an agreement with Wintask Group Ltd and Sino-Aus Energy Group Ltd to alter the terms of the joint venture agreement between the three.
The main focus of the joint venture agreement will now move towards underground coal gasification, Altona said. The current agreement is based on coal-to-methanol, coal chemical and synthetic gas production.
As a result of the change, the proposed investment by Altona in the joint venture is being reassessed, with the AUD2 million invested in Wintask and Sino-Aus returned.
Shares in Altona were down 19% to 0.5501 pence on Tuesday, one of the worst performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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