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Altona Energy PLC (ANR)

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Tuesday 01 November, 2011

Altona Energy PLC

Appointment of new Deputy Chairman

RNS Number : 2013R
Altona Energy PLC
01 November 2011
 



1 November 2011

 

Altona Energy Plc (AIM: ANR)

("Altona" or "the Company")

 

Zheng (Michael) Qiang Moves to Deputy Chairman

 

Highlights

·    Zheng (Michael) Qiang appointed as Deputy Chairman as Altona reaches next stage in Arckaringa development and evaluation of People's Republic of China ("PRC") energy opportunities

·    Mr Zheng  joined the Altona board as a non executive Director in 2008, as Tongjiang International Energy Co. Ltd's ("Tongjiang") representative

·    Tongjiang Tongjiang currently owns 20.09% of Altona

o brought in Chinese oil major China National Offshore Oil Corporation, ("CNOOC-NEI") as a development partner for the Arckaringa coal-to-liquids ("CTL") project in South Australia

o May 2011 - Agreement signed between Altona and Tongjiang to assess coal and biomass energy projects in the PRC

·    Altona's strategy is to progress a major new CTL project into development (Arckaringa, Australia) and evaluate PRC energy assets, utilising the Company's expertise and corporate structure, in conjunction with Tongjiang, an established Hong Kong finance house

 

Altona Energy Plc, the AIM-listed Australia based clean energy company, today announces the appointment of Mr Zheng (Michael) Qiang (aged 55) as Deputy Chairman to the Board, reflecting the importance of his contribution towards the ongoing development of Arckaringa and the Company's strategy in the PRC. Mr Zheng joined the Board in 2008 following Tongjiang's investment in Altona and consequent agreement with CNOOC-NEI to develop the substantial CTL Arckaringa fuel and energy project in South Australia. 

 

Earlier in 2011, Altona and Tongjiang signed an agreement to assess coal and biomass energy projects in the PRC. This agreement aims to leverage Tongjiang's established network in the PRC, Altona's expertise in energy assets and the Company's established London listing.

 

Altona Chairman, Chris Lambert, commented; "2011 has been a year where essential development work has been carried out at Arckaringa and where we have also looked into new areas that leverage the capabilities of the Company. Tongjiang has been a key partner in the Company's development and by bringing in CNOOC-NEI as  JV development partner to our substantial CTL project in South Australia we are able to work on potential new projects that can bring more immediate production value. Since our agreement was signed with Tongjiang earlier this year, we have been working to identify opportunities for Altona and we feel Michael's new position of Deputy Chairman reflects the importance of his contribution to both Arckaringa and in the development of opportunities in the PRC."

 

**ENDS**

 

For further information, please contact:

 

Altona Energy Plc
Christopher Lambert, Chairman
Christopher Schrape, Managing Director

Peter Fagiano, Executive Director

 

+44 (0) 20 7024 8391

 

Evolution Securities Ltd                  
Mark Wellesley-Wood

Tim Redfern

Neil Elliot

Adam James

 

+44 (0) 20 7071 4300

 

Old Park Lane Capital Plc

Michael Parnes

Luca Tenuta

 

+44 (0) 20 7493 8188



Threadneedle Communications Ltd

Laurence Read

Beth Harris

 

+44 (0)20 7653 9850

 

 

Notes:

 

Altona Energy Plc is an AIM listed Australian based energy company.  Its asset is an estimated 7.8 billion tonne coal resource (non-JORC) in the Arckaringa Basin of South Australia (JORC-compliant: 1.287 billion tonnes).  This is considered by the Board to be one of the world's largest untapped energy banks.  Per Jacobs Engineering's study for the Company, assuming a 50% conversion of CTL fuels and 50% to synthetic gas ('Syngas'), Arckaringa total coal resources (both JORC and non-JORC) would represent respectively 28% and 29% of current North Sea remaining proven reserves of 10,900mb of oil and 114,800 bcf of natural gas. 

 

Altona has already accomplished a number of key phases in its development:

 

·    The Company has agreed the terms of a joint venture agreement with CNOOC-NEI, a subsidiary of Chinese oil major China National Offshore Oil Corporation, to accelerate the Arckaringa Project towards commercialisation. 

·    Under the terms of the agreement, CNOOC-NEI will fund the bankable feasibility study ('BFS') for a coal mine and an integrated value-added project. 

·    CNOOC-NEI will also act as the operator and take responsibility for assessing the full potential of the coal resource, in return for a 51% interest in the exploration licences. 

·    It is envisaged that numerous new additional projects may also be opened up to create a multi-project, multi-national business. 

 

CTL                      

The quality of the Company's coal is suitable for conversion to synthetic gas ('Syngas'), using existing commercial CTL technologies.  The process involves two major stages;

1.   gasification to produce Syngas rich in hydrogen and carbon,

2.   a liquefication stage where the Syngas is reacted over a catalyst to produce high quality, ultraclean synthetic fuels and chemical feedstocks. 

 

CTL is a prime example of clean coal technology - the associated combined cycle units produce negligible sulphur oxides, significantly less nitrogen oxides and 10-20% less CO2 per unit of power generated than a conventional coal fired plant, whilst carbon capture and storage offers the potential to reduce the overall greenhouse gas emissions from CTL to below the 'well to wheel' level of fuels derived from crude oil.  The technology is best demonstrated in South Africa, where currently 30% of the country's gasoline and diesel fuel needs are met through CTL plants. 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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