ANR Altona

 
TIDMANR 
 
6 September 2016 
 
                               Altona Energy plc 
 
                          ("Altona" or "the Company") 
 
                       Arckaringa Joint Venture Update 
 
Altona (AIM: ANR) is pleased to announce that Altona, Sino-Aus Energy Group 
Limited ("Sino-Aus") and Wintask Group Limited ("Wintask") (together the "JV 
Partners") have entered into a Deed of Variation with Arckaringa Coal Chemical 
Joint Venture Company Co Pty Ltd ("JV Company") modifying the terms of the 
Current JV Agreement that was originally announced on 14 November 2014 with 
subsequent changes being announced on 5 November 2015. 
 
Further to the announcement made by the Company on 28 July 2016 the Deed of 
Variation gives effect to the changes now agreed between the JV Partners: the 
main amendments are detailed below. 
 
Sino-Aus Second Tranche Subscription for Altona Shares 
 
As announced on 28 July 2016 the JV Partners agreed that the second tranche 
subscription for Altona shares by Sino-Aus be re-negotiated given the 
requirement for the JV Company to obtain a Petroleum Exploration Licence 
("PEL") before work can commence at the Arckaringa Project.  The revised terms 
of the second tranche subscription are now as follows: 
 
Sino-Aus is to subscribe in cash 180 days from the Effective Date (as defined 
below) for 100 million Altona Shares: 
 
(i) at the average market price per share during a specified period preceding 
the Effective Date; or 
 
(ii) such other subscription price (if any) as shall have been agreed in 
writing between Sino-Aus and Altona. 
 
Returned Funds 
 
The AUD$5 million temporarily returned to Sino-Aus by the JV Company will be 
repaid to the JV Company within 90 days of the Effective Date.  The Effective 
Date is the earliest date on which the following conditions precedent are 
satisfied: 
 
(i) The continuance in force and effect of all necessary Australian Government 
consents which have been granted or issued prior to the date of the Deed of 
Variation and which relate to any of the transactions contemplated by the JV 
Agreement or the Arckaringa Project. 
 
(ii) The acquisition by the JV Company by whatever means of a PEL applicable to 
the Licensed Area or such part or parts of it as the JV Company may accept. 
 
(iii) Receipt by the parties of written confirmation from WSP-Parson 
Brinkerhoff that the JV Company has the necessary permits, including a PEL, to 
permit it to exploit coal deposits using UCG technology. 
 
(iv) The grant or issue of any additional Australian Governmental consents 
which may be necessary to implement the Arckaringa Project. 
 
Further Contributions to the JV Company 
 
Subject to satisfaction of the Conditions Precedent, the Second Contribution by 
Sino-Aus (AUD $5.4 million, or such lesser figure as the Board of the JV 
Company may determine subject to a minimum of AUD $4.86 million) and the Second 
Contribution by Wintask (AUD $600,000), into the JV Company, will take place 
180 days from the Effective Date or such earlier date as the Board of the JV 
Company may determine.  The Third and Fourth Contributions by Sino-Aus and 
Wintask are payable in accordance with the current JV Agreement. 
 
Qinfu Zhang, Altona Energy's Executive Chairman, commented: 
 
"We are very pleased to have agreed the terms of the Deed of Variation with our 
Joint Venture Partners and in particular we welcome the continued support from 
Sino-Aus.  The focus of the JV Company is now to secure the necessary PEL so we 
can commence work on the Arckaringa Project." 
 
This announcement contains inside information for the purposes of Article 7 of 
the Market Abuse Regulation (EU) No 596/2014. 
 
Related Party Transaction 
 
Both Wintask and Sino-Aus are related parties of Altona, as both companies are 
substantial shareholders in Altona and the revised joint venture terms 
constitute a related party transaction as defined by Rule 13 of the AIM Rules 
for Companies.  Accordingly, the independent directors, being Phil Sutherland 
and Nick Lyth, having consulted with the Company's Nominated Adviser, Northland 
Capital Partners Limited, consider that the terms of the Deed of Variation are 
fair and reasonable in so far as the Company's shareholders are concerned. 
 
For further information, please visit www.altonaenergy.com or contact: 
 
Altona Energy plc                                    +44 (0)7769 906 686 
Qinfu Zhang, Executive Chairman 
 
Nick Lyth, Non-Executive Director 
 
Leander (Financial PR)                               +44 (0)7795 168 157 
Christian Taylor- Wilkinson 
 
Northland Capital Partners Ltd (Nomad and            +44 (0)20 3861 6630 
Broker) 
Matthew Johnson / Gerry Beaney (Corporate 
Finance) 
John Howes / Abigail Wayne (Corporate Broking) 
 
 
 
 
END 
 

(END) Dow Jones Newswires

September 06, 2016 03:14 ET (07:14 GMT)

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