19th Mar 2014 09:31
LONDON (Alliance News) - Altona Energy Wednesday said it has taken full control of the Arckaringa Project in Australia after CNOOC New Energy Investment Co Ltd's 51% holding reverted to Altona.
The Australian coal-focused energy company said it was advised by the Australian government's Foreign Investment Review Board that offers to revert the holding to Altona's subsidiary Arckaringa Energy Pty Ltd are exempt from examination under the country's Foreign Acquisition and Takeovers Act and Australia's Foreign Investment Policy, making Altona the full owner.
The company said ministerial consent has also been given for the return of exploration licences at the site, previously held by the former joint-venture partners Altona and CNOOC.
"As a result of a great deal of hard work from a number of quarters, we have achieved this important step earlier than expected," Chief Executive Chris Lambert said in a statement.
Altona said that as a result of the approvals, it will submit an application this week for an exploration programme for Environmental Protection and Rehabilitation to the South Australian Department for Manufacturing, Innovation, Trade, Resources and Energy.
The company added that it will also apply this week for an extension of its existing Water Affecting Activity Permit, which expires in late April 2014.
In January, Altona ended the CNOOC joint venture, saying that working with the Chinese firm was becoming increasingly frustrating.
Days after ending the joint venture, Altona signed a memorandum of understanding with Sino-Aus Energy Group Ltd and Wintask Group Ltd for the development of the Arckaringa Project, which it expected to be completed by May 15.
The company said the investing parties plan to invest RMB300 million into Altona and the Arckaringa project to fund the completion of the site's bankable feasibility study.
Sino Aus is a British Virgin Islands company and Wintask is already a 29.04% shareholder in Altona.
Altona energy shares were up 6.7% to 1.12 pence Tuesday morning, putting it in the top ten AIM risers.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Altona Energy