Altona History
Since listing on the London Stock Exchange’s Alternative Investment Market (AIM) in March 2005. The company is now in partnership with CNOOC-NEI, a subsidiary of the China National Offshore Oil Corporation (CNOOC) – one of the world’s largest fuel companies – in a Bankable Feasibility Study for the Project.
Key Milestones for Altona
March 2005
- Company listed on the AIM in London raising £1.0 Million at 1.0p
July 2005
- Identified Arckaringa as an outstanding resource investment opportunity
September 2005
- Signed agreements after due diligence to acquire Arckaringa assets
November 2005
- Completed acquisition of Arckaringa for a consideration of 30 Million shares in the company
February 2006
- Commissioned initial study by Jacobs Consultancy on a Coal to Liquids (“CTL”) plant
- Updating of mining costs from previous studies
by MineConsult
- Appointed Royal Bank of Scotland as Project Finance Advisor
May 2006
- Commenced pre-feasibility studies on an integrated energy project, comprising an expandable CTL plant and cogeneration power plant, with an open cut mine based on the Wintinna deposit (The Arckaringa Project)
July 2006
- Signed an MOU with BP, which includes evaluation of power and CTL development opportunities
October 2006
- Decision to proceed with a Bankable Feasibility Study for the Arckaringa Project
November 2006
- Signed an MOU with Flinders Power to study the feasibility of up to 4Mtpa of coal supply from the Westfield deposit to the Northern Power Stations
April 2007
- Completed £2.0 Million fund raising for continuing feasibility studies, including a drilling program for current JORC resource classification and upgraded technical evaluation of the Wintinna deposit
May 2007
- Commenced field drilling programme at Wintinna
July 2007
- Appointed Committed Capital UK as commercial strategy advisor
- Extended MOU with BP
October 2007
- Commenced coal quality testing and evaluation program in Newcastle NSW
- Announced a Greenhouse Gas mitigation initiative via proposed Gas Storage Licence and evaluation of an identified geo-sequestration target in South Australia
- Signed an MOU with FreightLink to develop a proposal for a commercial services agreement covering future transport of inputs for and products from the CTL plant
November 2007
- Appointed Bell Potter Australia to investigate financing and development opportunities in Australia
February 2008
- Announced that Tongjiang International
Energy would subscribe
to new shares in Altona worth approximately A$24 million, for the primary
purpose of funding the Final Feasibility Study (FFS) stage of the BFS
- Completed the Wintinna field programme
May 2008
- Announced shareholder approval for the Board to complete the share
subscription arrangement with Tongjiang
- Completed all major technical elements of the Pre Feasibility stage
- Announced formal decision to proceed to the FFS and preparation for selection of a leading Project Study Engineer to lead the FFS and Project Approvals process under the direction of the Company’s “Owner’s Team”
June 2008
- Extended MOU with BP Australia, including potential CTL product marketing arrangements
August 2008
- Signed MOU with CNOOC (Beijing) Energy Investments for long term co-operation on Project Development
September 2008
- Completed field work and a JORC Resource Estimate of 1.287 billion tonnes for part of the Wintinna Deposit
- Completed Pre-Feasibility Studies for an Integrated Mine, CTL and Power Project
October 2008
- Appointed Owners Team and commenced evaluation of candidates for the role of Study Contractor ( Engineer) for the Final Feasibility Stage of the BFS
December 2008
- Key transitional studies for the Final Feasibility stage commenced, including CTL technology selection and Groundwater Management Plan
May 2009
- Announced the signing of a Terms Sheet with CNOOC New Energy Investment Co. Ltd. (NEI) to facilitate the negotiation of a Joint Venture agreement to complete the BFS for the Arckaringa Project
November 2009
- Signed the Arckaringa Unincorporated Evaluation Joint Venture (AUEJV) Agreement
with CNOOC-NEI
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