Altona Resources plc, the Australian based energy company, announces its final
results for the year ended 30 June 2007 and gives notice of its Annual General
Meeting to be held on 28 December 2007.
Overview
* Completion of the pre-feasibility study for coal-to-liquid ("CTL") plant
and cogeneration power facility, supported by an open-cut coal mine at the
Wintinna Deposit, is expected in Q1 2008
* Drill programme and bulk sampling commenced at Wintinna to define 700
million tonnes of coal to current JORC standards
* MOU with South Australia's largest electricity producer to evaluate
potential for supplying 4 million tonnes of coal per annum for 25 years
* Extension of MOU with BP to evaluate power generation and CTL development
opportunities
* Commenced Greenhouse Gas Initiative in line with South Australian
Government policy
* MOU with FreightLink, one of Australia's leading freight logistics
companies
* Appointed Bell Potter as Australian financial adviser
Altona Chairman, Christopher Lambert, said, "This has been another busy period
as we continue to work towards achieving our objective of becoming a leading
Australian based energy supplier through the use of the CTL process. Whilst our
tenements contain known resources of 7.8 billion tonnes of sub-bituminous coal,
a field drilling programme is underway aimed at providing an updated JORC
resource and reserves calculation to define at least 700 m tonnes in the
Measured and Indicated Categories within the Wintinna deposit. To this end, we
are making solid progress, with pre-feasibility activities expected to be
completed Q1 2008. We also continue to build and strengthen relationships with
key organisations including FreightLink and the South Australian Government,
which has understood our potential and ideal position to help tackle South
Australia's major domestic power and fuel shortages. The current trading
period is proving just as busy for us and we are not only excited about the
Arckaringa Project's prospects but also look forward to the coming months with
confidence."
The Company's 2007 Annual Report and Accounts together with the notice of its
2007 Annual General Meeting have been posted to shareholders. Copies of both
documents are now available at the Company's website www.altonaresources.com and
copies are available free of charge for collection from the registered office
at 55 Gower Street, London WC1E 6HQ.
Altona's Annual General Meeting will be held at Level 1, 18-19 Pall Mall, London
SW1Y 5LU on Friday 28 December 2007 at 10.00 am.
For further information visit www.altonaresources.com or please contact:
Chris Lambert Chairman +44 (0) 207 024 8391
Chris Schrape Managing Director +61 (0) 417 984 434
Hugh Oram Nabarro Wells & Co Limited +44 (0) 207 710 7400
Alastair Stratton Matrix Corporate Capital LLP +44 (0) 207 925 3300
Hugo de Salis St Brides Media & Finance +44 (0) 207 242 4477
Chairman's Statement
The Board is pleased to report the results of Altona Resources plc ("Altona" or
"the Company") for the year ended 30 June 2007.
This has been another busy period of development as we continue to work towards
achieving our objective of become a leading energy supplier, through the use of
the Coal to Liquid ("CTL") process. Accordingly we are making solid progress
with the bankable feasibility study ("BFS") for an integrated 10 million barrel
per year CTL plant with a 560 MW co-generation power facility based on the
Company's wholly owned coal assets - the Arckaringa Project ("Arckaringa") in
South Australia. We remain confident that the work programme that is currently
being carried out will deliver the BFS and in-turn create value for our
shareholders.
Arckaringa is potentially one of the world's largest undeveloped energy banks
which the Company believes will be capable of conversion into clean liquid
fuels, low cost power and high value industrial feedstock.
Arckaringa's location in South Australia is key to the importance of this energy
project. According to official forecasts of electricity supply and demand by the
South Australian Electricity Supply Industry Planning Council, South Australia
is facing a 'reserve' supply deficit of over 500 MW by 2016. This does not
include the more than 500 MW of new power demand from BHP Billiton's Olympic Dam
Expansion project and other new mineral based developments planned for the next
decade. The State also imports all its petroleum fuel requirements, which are
set to rise rapidly on the back of these developments.
Due to the nature of our resource and the potential for Altona to assist in
reducing the potential reserve deficit and securing the State's fuel needs, the
Company regularly meets with the South Australian Government, including
officials such as the Minister for Mineral Resources Development and the
Executive Director of the State Office of Minerals and Energy Resources to
update on developments at Arckaringa. These meetings have resulted in the
Company being asked to formally present the current status of the project to
multiple government agencies, and discussions relating to the CTL plant continue
in anticipation of establishing a process and framework for Project assessments
and approvals.
CTL, the proven technology best demonstrated in South Africa, where currently
30% of the country's gasoline and diesel fuel needs are met through CTL plants,
converts coal into more environmentally clean and manageable energy sources
including gas and synthetic fuels. CTL is a prime example of 'clean coal
technology' - the associated combined cycle power units produce up to 20% less
CO2 per unit of power generated than a conventional coal fired plant, whilst
carbon capture at the synthetic gas production stage and subsequent storage
offers the potential to reduce the overall greenhouse gas emissions from CTL to
below the "well to wheel" level of fuels derived from crude oil.
Early in the reporting period Chris Schrape was appointed to the Board and
subsequently as Managing Director in relation to Arckaringa. Chris is based in
Australia and is working diligently in heading up all activities at the Project
and is a key figure in the development of commercial opportunities and
relationships to advance the development of this potentially world-scale energy
project. As is Phillip Sutherland, who was appointed to the Board as
Non-Executive Director and his experience with local, state and federal
government agencies and his comprehensive understanding of regulatory procedures
and issues in developing resource projects will be invaluable to Altona's
relationships with the South Australian government and related bodies. At
present Altona is currently looking to identify a firm to report as the
Project's Development Engineers in relation to completion of the Final
Feasibility report stage of the BFS.
In April this year we raised #2.07 million before costs through Matrix Corporate
Capital LLP ("Matrix") with the proceeds of the placing being put towards the
further development of Arckaringa and in particular, the Wintinna drill
programme. Following on from this placing, the Company appointed Matrix as
Broker in August 2007.
In July 2007 the Company's existing MOU agreement with BP Australia to evaluate
power generation and CTL development opportunities was extended until 30th June
2008, which the Company believes is a strong reflection of the potential that
Arckaringa demonstrates in becoming a fully integrated CTL and power project.
Looking forward towards the completion of the BFS I remain positive about our
potentially world class Arckaringa project. We continue to build and maintain
relationships with key players in the industry, such as BP Australia, and we are
increasingly happy to report the growing institutional support Altona is
receiving, particularly demonstrated through our relationship with Matrix.
I would like to thank you, the shareholders, for your continuing support
throughout the year and to the Board members for all of their hard work and
commitment to Altona and our work in South Australia.
Chris Lambert
Chairman
30 November 2007
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