🕐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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