🕐21.04.10 - 09:25 Uhr
Altona Energy - CNOOC Submit FIRB Approval for 7.8bt CTL Project
Altona Energy Plc / Index: AIM / Epic: ANR / Sector: Exploration &
Production
21 April 2010
Altona Energy Plc (Altona or the Company)
CNOOC-NEIAs Submission of FIRB Application
Altona Energy Plc, the AIM listed Australian based energy company, notes
that CNOOC New Energy International (Australia) Pty Ltd (CNOOC-NEIA),
has lodged its formal application to Australias Foreign Investment
Review Board (FIRB) for its participation in, and establishment of,
the Arckaringa Unincorporated Evaluation Joint Venture (the JV).
Formed specifically for the JV, CNOOC-NEIA is an Australian subsidiary
of CNOOC, one of Chinas major oil companies.
Senior executives of
Altona joined members of the CNOOC-NEIA team in Canberra, to meet with
FIRB officials and make the formal application.
Following recent assessment under the Australian Governments foreign
investment policy, CNOOC was able to proceed with its US$40 billion, 20
year agreement with BG Group to supply China with liquefied natural gas.
Martin Ferguson, Australias Energy Minister, noted at the time of the
deal that it would be a commitment to strengthen Australias healthy
and mutually beneficial relationship with China.
Furthermore, the
latest FIRB report (for the period 2007-08) shows that China was the
sixth largest investor in the Australian economy over that period with
over 1,700 applications assessed favourably by FIRB, resulting in China
investing over A$5.3 billion in Australias resources sector alone.
The
Board of Altona remain confident that CNOOC-NEIAs application will be
positively assessed.
**ENDS**
For further information visit www.altonaenergy.com
or please contact:
Christopher Lambert
Altona Chairman
Tel: +44 (0) 20 7024 8391
Christopher Schrape
Altona Managing Director
Tel: +44 (0) 20 7024 8391
Simon Edwards
Evolution Securities Ltd
Tel: +44 (0) 20 7071 4300
Tim Redfern
Evolution Securities Ltd
Tel: +44 (0) 20 7071 4300
Paul Youens
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Hugo de Salis
St Brides Media & Finance Ltd
Tel: +44 (0) 20 7236 1177
Notes
Altona Energy Plc is an AIM listed Australian based energy company.
Its
asset is an estimated 7.8 billion tonne coal resource (non-JORC) in the
Arckaringa Basin of South Australia (JORC-compliant: 1.287 billion
tonnes).
This is considered by the Board to be one of the worlds
largest untapped energy banks.
Per Jacobs Engineerings study for the
Company, assuming a 50% conversion of CTL fuels and 50% to synthetic gas
(Syngas), Arckaringa total coal resources (both JORC and non-JORC)
would represent respectively 28% and 29% of current North Sea remaining
proven reserves of 10,900mb of oil and 114,800 bcf of natural gas.
Altona has already accomplished a number of key phases in its
development:
* The Company has agreed the terms of a joint venture agreement
with CNOOC-NEI, a subsidiary of Chinese oil major China National
Offshore Oil Corporation, to accelerate the Arckaringa Project towards
commercialisation.
* Under the terms of the agreement, CNOOC-NEI will fund the
bankable feasibility study (BFS) for a coal mine and an integrated
value-added project.
* The current base case for the BFS is a 10mb per year CTL plant
and 560MW co-generation power facility.
* CNOOC-NEI will also act as the operator and take responsibility
for assessing the full potential of the coal resource, in return for a
51% interest in the exploration licences.
* It is envisaged that numerous new additional projects may also
be opened up to create a multi-project, multi-national business.
CTL
The quality of the Companys coal is suitable for conversion to
synthetic gas (Syngas), using existing commercial CTL technologies.
The process involves two major stages;
1. gasification to produce Syngas rich in hydrogen and carbon,
2. a liquefication stage where the Syngas is reacted over a
catalyst to produce high quality, ultraclean synthetic fuels and
chemical feedstocks.
CTL is a prime example of clean coal technology - the associated
combined cycle units produce negligible sulphur oxides, significantly
less nitrogen oxides and 10-20% less CO2 per unit of power generated
than a conventional coal fired plant, whilst carbon capture and 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.
The technology is best demonstrated in South Africa, where currently 30%
of the countrys gasoline and diesel fuel needs are met through CTL
plants.
Paul Youens
St Brides Media & Finance Ltd
Chaucer House
38 Bow Lane
London EC4M 9AY
T: +44 (0) 207 236 1177 | M: +44 (0) 7989 384 551 | F: +44 (0) 207 236
1188 | www.sbmf.co.uk
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