Altona Energy Plc - Business Update
PR Newswire
London, February 10
11 February 2020
Altona Energy Plc
("Altona" or "the Company")
Business Update
Altona (NEX: ANR.PL), a coal exploration company with a focus on in-situ gasification, announces that it plans to issue its Annual Accounts for the year ended 30 June 2019 within the next two weeks. The delay has been caused by a change in auditor and the evaluation and new treatment of its historical Australian exploration licences.
The Company will look to shortly provide an update as to the proposed acquisition of the new Petroleum Exploration Licence Application ("PELA"), as first announced on 21 November 2019. The two parties have exchanged an exclusivity agreement and final terms are being negotiated.
The Board has also agreed the immediate need for a fundraise to finance ongoing costs, allow it to acquire the new exploration licence and fund the preliminary exploration stages to confirm coal deposits suitable for the in-situ gasification process. Shareholders will be invited to participate in this fundraise and documents to this effect will be posted out in the next two weeks.
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For further information, please visit www.altonaenergy.com or contact:
| Altona Energy plc Qinfu Zhang, Executive Director Philip Sutherland, Non-Executive Director | +44 (0) 7795 168 157 +61 (0)402 440 339 |
| Alfred Henry Corporate Finance Ltd (NEX Corporate Adviser) Jon Isaacs / Nick Michaels | +44 (0) 20 3772 0021 |
| Leander (Financial PR) Christian Taylor- Wilkinson | +44 (0) 7795 168 157 |
Company Information
Altona is an exploration company focused on the evaluation, development and extraction of coal assets in South Australia though the process of in-situ gasification.
The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to NEX on 1 February 2019. A copy of its admission documents dated 4 March 2005 can be accessed on its website, www.altonaenergy.com. This website is where items can be inspected under Rule 75 of the NEX Rules for Issuers, from 1 February 2019.
