Altona Energy PLC (ANR) - Arckaringa Project - Update RNS Number : 2777Q Altona Energy PLC 05 November 2012 5 November 2012 Arckaringa Project Update Selection of Altona's Project Management Contractor Altona Energy (AIM:ANR) is pleased to announce that it has signed a Memorandum of Understanding with Parsons Brinckerhoff's Global Mining Business group with the intent to engage them to act as Project Management Contractor to oversee the Arckaringa Mine development and the design-build activities for Altona's 30,000 BPD Clean Energy Coal to Liquids Project in South Australia. Parsons Brinckerhoff is the professional services division of the Balfour Beatty group with a combined global workforce exceeding 50,000 personnel. One of the first tasks that Parsons Brinckerhoff will undertake is to assist Altona in the selection and project management of the Drilling Contractor to carry out a test drilling program at Arckaringa. The programme is an important milestone achievement for Altona's flagship Arckaringa project. On 13 August 2012, Altona announced that it had received all the necessary regulatory approvals for the programme from the South Australian authorities, namely the Department of Manufacturing, Innovation, Trade, Resources and Energy (DMITRE) and the Arid Lands Natural Resources Management Board (SAALRM), and had also received a Work Area Clearance from the relevant Native Title Claimant Group (AMYAC). Since that time, Altona has conducted preliminary discussions with Drilling Contractors with the appropriate expertise to carry out the test drilling programme, which will include: · Completing hydro-geological test wells to enable refinement of the existing hydro-geological model; and · Completing in-fill coal and coal geotechnical boreholes to facilitate the open cut mine design. The Drilling Contractor selected for this test programme will have the necessary previous experience and equipment for drilling in the Permian Coal Measures in South Australia. It is anticipated that the drilling program will commence in late January 2013 and be completed by the end of the second quarter of 2013. With the assistance of Parsons Brinckerhoff, the drilling results will be incorporated into the existing draft Mine Schedule and the existing hydro-geological model which will together underpin the Groundwater Management Plan and Mining and Rehabilitation Plan for review with the South Australian authorities. During 2013, Parsons Brinckerhoff's Global Mining Business will assist Altona in managing the following key activities: · Liaison with the DMITRE and the appropriate South Australian and Federal authorities. · Completing the Basis of Design for the Mine and CTL Plant. · Development of the Process Design Study for the Transportation and Storage of the captured CO. · Development of Project Infrastructure and Products Transport Plans. · Development of a Project Execution Strategy. · Development of product offtake agreements for synfuels and electrical power. · Updating the Project Costs and Schedule. Parsons Brinckerhoff will also assist Altona in its reporting to the Joint Venture Management Committee overseeing the Arckaringa project of the progress made on the above activities. Chris Lambert, Executive Chairman of Altona Energy, commented: "The appointment of Parsons Brinckerhoff will give us the necessary additional expertise and resources to successfully manage the completion of this world class project. Also the completion of the test drilling program will provide us with data to further update the mine plan and hydro-geological model so that we can finalise our overall project execution strategy". David Cruickshanks-Boyd, Regional Director for Parsons Brinckerhoff in South Australia added: "Parsons Brinckerhoff is pleased to support this exciting resources and energy project here in South Australia. The project has the potential to make a major contribution to the growing reputation of this State as a leading place for investment in this market sector". For further information, please visit www.altonaenergy.com or contact: Altona Energy Plc +44 (0) 20 7024 8391 Christopher Lambert, Chairman Christopher Schrape, Managing Director Peter Fagiano, Executive Director WH Ireland Ltd +44 (0)20 7220 1666 Adrian Hadden James Bavister Old Park Lane Capital Plc +44 (0) 20 7493 8188 Michael Parnes Luca Tenuta Tavistock Communications +44 (0) 20 7920 3150 Mike Bartlett Simon Hudson About Altona Energy Altona Energy is listed on the London Stock Exchange's AIM market. Its current focus is firmly on the evaluation and development of the Company's 49% interest in its flagship coal-to-liquids Arckaringa Project to exploit the huge coal resources contained in three exploration licences covering 2,500 sq. kms in the northern portion of the Permian Arckaringa Basin in South Australia. The Project is designed to include a modern, combined-cycle power station adding 560Mw to the national grid and to produce clean burning fuel for Australia and the world from a resource equivalent to 7.8 billion barrels. Altona Energy has forged a Joint Venture with CNOOC New Energy Investment Co., Ltd., a subsidiary of the China National Offshore Oil Corporation (CNOOC), to complete the Project Bankable Feasibility Study and expedite the Project's development. In addition to its Arckaringa interest, Altona Energy holds interests in two coal exploration licences in the Xinjiang Autonomous Region of the People's Republic of China. These interests are expected to provide early cash flow to enable the Company to progress the Arckaringa project and to continue to investigate additional opportunities to deploy the management team's expertise in clean energy. -ends- This information is provided by RNS The company news service from the London Stock Exchange END DRLLLFLTLRLSIIF -0- Nov/05/2012 07:00 GMT
Altona Energy PLC ANR Arckaringa Project - Update
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