Altona Energy owns exploration lcences for the 7.8 billion barrel-equivalent coal resources in the Arckaringa Basin of South Australia. The current plan is to develop this resource using underground coal gasification, possibly accompanied by carbon capture and storage. To do so they have entered into a joint venture with Sino-Aus Energy Group Ltd and Wintask Group Ltd. A three year bankable feasibility study was launched in April 2016 but is being held up by the need for a petroleum exploration licence to drill test wells.
Exchange: London AIM (ANR)
Financial Data from Exchange website: LSE summary
Recent Financial Report: Interim results to 31 March 2017
Further Information: The original plan was to extract coal with a conventional open-cast coal mine, and use it to fuel a coal to liquid (CTL) plant Subsequent studies showed that a better economic solution was to build two plants, one for CTL and one for Coal to Methanol (CTM). These projects were to be done on conjunction with the Chinese oil company CNOOC. This joint venture was terminated at the end of 2013 and replace by the new one with Sino-Aus and Wintask. In 2015 the plans were changed to an underground coal to gasification project. A technology study has been completed.
In July 2016 the South Australia government said that a petroleum exploration licence would be required before any test drilling could be performed (such a licence is more demanding than the current exploration licence). One such licence for the area was held by a subsidiary of the liquidated Linc Energy. The South Australia government is assessing these licences.
Contact Details: Altona Energy, 3 St Michael’s Alley, London EC3V 9DS, UK
Tel: +44 207 024 8390
Executive Chairman: Qinfu Zhang
Fields of interest: Other