Altona Energy brings in Chinese partner to work on Arckaringa coal project
18 November 2009
Shares in AIM listed Altona Energy soared nearly 30% to 5.7p this morning on news that the company had signed a binding joint venture deal with CNOOC-NEI to develop the Arckaringa coal project.
CNOOC-NEI is a subsidiary of China National Offshore Oil Corporation, one of the three largest state owned oil companies in China. The two sides have signed an agreement that will see them evaluate the maximum development and commercial potential of Altona’s estimated 7.8 billion ton coal resource in South Australia.
They will carry out detailed studies covering resource extraction and optimisation, project development options and chemicals and other coal conversion studies.
Under the terms of the deal CNOOC-NEI will fund the bankable feasibility study for the Arckaringa project and will 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, it will earn a 51% interest in Altona’s exploration licences and may eventually take a 70% stake further down the line..
Altona’s chairman, Chris Lambert, said the deal was a major milestone for the company. “It secures the funding of the BFS and the pathway for the development and financing of what we believe to be one of the world's largest undeveloped energy banks,” he said.
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