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Altona Energy PLC (ANR)

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Friday 14 September, 2018

Altona Energy PLC

Drilling Programme Update

RNS Number : 8667A
Altona Energy PLC
14 September 2018
 

Altona Energy Plc

 

("Altona" or "the Company")

 

Drilling Programme Update

 

 

Further to the announcement on 17 July 2018, Altona (AIM:ANR) provides the following update on the preparations for the Initial Drilling Programme at the Westfield Tenement in South Australia and the Company's intentions regarding the recently acquired licence for pyrolysis technology in Australia.

 

The Antakiringa Matu-Yankunytjatjara Aboriginal Corporation ("AMYAC"), the Registered Native Title Body, has scheduled the Native Title Heritage survey of the area of the Company's planned drilling programme to occur in mid-October.  The results of the survey will be considered by the South Australian Department for Energy and Mining in its assessment of the Company's Programme for Environmental Protection and Rehabilitation ("PEPR").

 

In an important development, the Company has received a licence to construct water wells from the environmental regulator.  All other arrangements, including drill rigs and exploration field logistics remain in place and ready to be mobilised as soon as all approvals are granted.  The exploration project team based in South Australia is meeting regularly and is fully focused and committed to commencing the exploration programme as soon as all approvals are received.

 

The Directors believe the recently announced licence for pyrolysis technology in Australia presents a much wider and potentially exciting route to the development of the Company's coal assets.  Using pyrolysis, there is the potential to convert coal on-site into gas and then into electricity.  This potentially brings back into play the coal assets that the Company had, until recently, considered uneconomic in Wintinna and Murloocoppie which have already been extensively explored.  In addition, the Company will determine whether the attachment of a pyrolysis licence to these assets will make them a potentially more attractive asset for sale.

 

Phil Sutherland, Operations Director (Australia) commented:

 

"Getting the native title clearance has been outside of the control of the Company but changes in timing are not unusual given the complex nature of minerals exploration.  We have used this to undertake value adding activities including further research into the geology and hydrology of the exploration ground and logistical support for the exploration team on standby, both activities designed to accelerate the exploration effort when this is fully mobilised."

 

Nicholas Lyth, Chief Executive Officer, commented:

 

"The recently acquired pyrolysis licence means that we don't have to just consider the potentially drier coal in Westfield.  Other deposits, already explored, have the potential to be saleable.  South Australia has a shortfall in electricity generation but has extensive coal deposits.  Pyrolysis has the potential to convert coal into electricity."

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

-ends-

 

 

For further information, please visit www.altonaenergy.com or contact:

 

Altona Energy plc

Nicholas Lyth, Chief Executive Officer

 

 

+44 7769 906 686

 

Northland Capital Partners Ltd (Nomad and Broker)

Matthew Johnson / Gerry Beaney / Jamie Spotswood (Corporate Finance)

Isabella Pierre (Corporate Broking)

 

 

+44 20 3861 6625

 

 


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