🕐21.01.10 - 12:46 Uhr

Following 100% rise in 2010 - Invite to meet with Altona Energy Plc, Wednesday 27 January



Hi there,
We are organising a day of meetings for Chris Lambert, Chairman of Altona Energy Plc, the AIM listed Australian based energy company, which recently signed a transformational joint venture with Chinese major CNOOC-NEI, to develop and commercialise its 7.8 billion tonne coal resource in South Australia, while he is in London on Wednesday 27 January.
Over the past few years, Altona has been developing its exclusive licences covering the Arckaringa Basin, an area believed to be one of the worlds largest untapped energy banks with an estimated 7.8 billion tonne coal resource.

It has already brought 1.3 billion tonnes of coal up to JORC standards and now, following the recent agreement with CNOOC-NEI, aims to accelerate the project towards commercialisation.


To put the size of the asset into perspective, according to the latest BP Statistical Review, the North Sea oil and gas fields have remaining proven reserves of 10,900 million barrels of oil and 114,800 bcf of natural gas.

The Arckaringa leases, according to Jacobs Engineering, contain an estimated energy equivalent of 18,800 million barrels of oil equivalent or 109,000 bcf of gas equivalent.


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.

It will also act as the operator, not only to carry out the staged evaluation work under the BFS, but also to take responsibility for assessing the full potential of the coal resource and bringing projects to development, in return for a 51% interest in Arckaringa Energys exploration licences.
CNOOC-NEI will, in step with international and local market demand and the need to adapt to climate change, proceed selectively and progressively with coal development, CTL and/or Synthetic Natural Gas (Syngas) power co-generation and a range of other ultra clean energy projects.

The Board believes that the project will be of significant importance for the energy requirements of South Australia and in line with this, it is working with industry experts, Chinese state officials and the Australian Government to ensure the success of the project
As the project gains traction, Altona is keen to keep the City abreast of its progress.

Do let either myself or my colleague Paul Youens () know if you are interested in meeting with the Company next Wednesday and we will be more than happy to schedule a time.


Kindest regards
Elisabeth
Elisabeth Cowell St Brides Media & Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY T: +44 (0) 207 236 1177 | M: +44 (0) 7769 658 654 | F: +44 (0) 207 236 1188 | www.sbmf.co.uk
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