Altona’s MoU with BP

Altona has always recognised the need to partner with an established oil or mining company in order to bring the the Arckaringa Project to operational stage. An MoU with BP was signed in 2006 and ran for 3 years. BP has arguably the best liquids distribution network in South Australia in addition to a strong international distribution network. The establishment of the AUEJV with CNOOC-NEI does not preclude working with BP in the future.

Altona’s MoU with Freightlink

Freightlink operates the rail system between Tarcoola and Darwin that runs through the Arckaringa tenements. The final feasibility trade off studies will determine whether it is better to mine locally and ship raw product to be refined closer to a population centre, or to mine and refine on site and ship the finished product. A working hypothesis is that for the volume of product Altona intends to produce – some 10 million barrels of diesel pa - rail will be part of the freight mix, irrespective of shipping to South Australia/Northern Territory mine operations, South Australia/Northern Territory commercial and domestic users, or for export. This is the rationale behind the Freightlink MoU.