24th Apr 2018 14:28
LONDON (Alliance News) - Altona Energy PLC said Tuesday that following a meeting between the company and two Asian investors, Sino-Aus Energy Group Ltd and Wintask Group Ltd, an exploratory drilling proposal for the Westfield tenement in the Permian Basin, Australia has been agreed to.
The drilling phase is subject to gaining the necessary drilling permit and land access consent, but is expected to ensure that all areas containing extractable coal is drilled.
"I am very pleased that both Sino-Aus and Wintask, having discussed the exploration phase drilling programme with Mr Newell, have agreed with Altona that the company should proceed as quickly as possible. Whilst in Australia I also met with a number of non-coal exploration companies and it has become apparent that the resource sector generally and M&A activity in particular is starting to pick-up. Projects are seeking finance and this may present Altona with opportunities in the future," said Chief Executive Officer Nick Lyth.
Shares in Altona Energy were up 4.6% at 0.29 pence on Tuesday.
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