Altona Energy Plc reported Thursday that the company has been informed in writing by Sino-Aus Energy Group Limited and Wintask Group Limited that they have now successfully completed their due diligence process and that they are now ready to enter discussions regarding a Joint Venture agreement to progress the Arckaringa Project in South Australia.
This decision follows due diligence enquiries including a visit by Sino Aus and Wintask to South Australia last month where they held briefing meetings with key Government officials and private sector parties as part of the due diligence process.
In addition Altona has been advised by the South Australian Government that its application for a renewed Program for Environmental Protection and Rehabilitation (PEPR) has been approved.
The PEPR identifies all relevant environmental, social and economic impact events that may result from proposed exploration activities and how each of the identified impacts are to be managed or avoided. The approval was granted by the Department for Manufacturing, Innovation, Trade, Resources and Energy (DMITRE).
Altona is also awaiting an extension to the Water Affecting Activity Permit (WAAP), which defines water management procedures for the proposed drilling program and expects to receive a decision shortly. Altona will provide a further update to investors in due course.
Altona's Chief Executive, Chris Lambert, said: "The recently hosted due diligence trip in South Australia with Sino-Aus and Wintask was an excellent opportunity to comprehensively showcase the vast potential of the Arckaringa project and we are delighted that Sino-Aus and Wintask have now confirmed that we have satisfied their due diligence requirements and we look forward to updating shareholders further as the negotiations on the joint venture agreement progress."
"We are also extremely pleased that we have been granted the PEPR approval, which provides further evidence that the South Australian government have been pro-active in supporting Altona since we became operator of the project. I would like to personally thank Minister Koutsantonis and the staff of his Department for the professional and timely manner in which this application has been handled."
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