16th May 2017 07:00
Altona Energy Plc - PEL Application UpdateAltona Energy Plc - PEL Application Update
PR Newswire
London, May 16
16 May 2017
Altona Energy Plc(“Altona” or “the Company”)
PEL Application Update
Further to the announcement of 28 July 2016, the Company announces that it has been notified by the Minister for Mineral Resources and Energy for the South Australian Government that the assets of Linc Energy Ltd, including those of its wholly-owned subsidiary, SAPEX Limited, have been acquired by Tri-Star Petroleum Company Inc. (“Tri-Star”). These assets include Petroleum Exploration Licence Application (“PELA”) 604, which overlaps Altona’s three Exploration Licences (EL3360, 3361 and 3362) relating to the Arckaringa Project.
The Company is in the process of contacting Tri-Star to establish its intentions for PELA 604. The Directors cannot give any assurances as to the outcome of any subsequent negotiations.
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For further information, please visit www.altonaenergy.com or contact:
| Altona Energy plc Qinfu Zhang, Executive Chairman | +44 (0)7555 679 245 |
| Leander (Financial PR) Christian Taylor- Wilkinson | +44 (0)7795 168 157 |
| Northland Capital Partners Ltd (Nomad and Broker) Matthew Johnson / Gerry Beaney (Corporate Finance) John Howes (Corporate Broking) | +44 (0)20 3861 6625 |
About Altona
Altona is listed on the London Stock Exchange’s AIM market. Its principal focus is on the evaluation and development of the Company’s flagship Arckaringa Project to exploit the significant coal resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project is designed to produce syngas products for the Australian market and export from a resource exceeding 7.8 billion tonnes of coal (1.3 billion tonnes JORC compliant).
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