24th Jul 2006 10:42
Altona Resources PLC24 July 2006 24th July 2006 Altona Resources Plc ("Altona") MEMORANDUM OF UNDERSTANDING WITH BP AUSTRALIA Altona Resources plc (AIM: ANR) announces it has entered into a Memorandum ofUnderstanding ("MOU") with BP Australia Pty Ltd ("BP Australia") to worktogether in evaluating the development opportunities for Altona's Arckaringacoal project in South Australia. The non-binding MOU includes the evaluation ofpower generation and coal-to-liquids development opportunities. Chris Lambert, Chairman of Altona, commented: 'We welcome the opportunity towork with BP Australia and its highly experienced team of experts in evaluatingthe development opportunities for Arckaringa." -ends- For further information please contact: Altona Resources plc Nabarro Wells & Co Limited Parkgreen CommunicationsChristopher Lambert, Chairman Hugh Oram, Director Justine Howarth / Victoria Thomas+44 (0) 20 7016 5100 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713 Notes to Editors: The Arckaringa Coal Project The Arckaringa Coal Project ("Arckaringa") comprises the 100% interest in threeexploration licences in South Australia, which have previously been estimated ascontaining a Measured, Indicated and Inferred resource of over seven billiontonnes of sub bituminous Permian coal, amenable to open pit mining, and suitableas fuel for power generation and potential application of coal to liquidstechnology. The three exploration licences, EL3360, EL3361, and EL3362 ("theLicences"), cover a combined area of approximately 2,500 square kilometres inthe northern portion of the Permian Arckaringa Basin in South Australia. TheLicences include three coal deposits, known as the Westfield Deposit (EL3360),the Wintinna Deposit (EL3361), and the Murloocoppie Deposit (EL3362), all ofwhich are located in close proximity to the Adelaide to Darwin railroad,facilitating improved economic potential for despatch of coal to coastal basedindustries and export ports. The railroad will also facilitate mine developmentand operations. Coal to Liquids Technology The technology required to convert coal to oil has been available for over 80years, having been invented by German chemists Franz Fischer and Hans Tropsch in1923. The Fischer-Tropsch Synthesis was used during WWII to produce 600,000barrels (bbl) per year from coal and coke. The technology has been further developed in the intervening years, primarily bySASOL in South Africa where production is at 160,000 bbl per day with plans toexpand to 200,000 bbl per day. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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