Altona Energy joint venture finally applies for Arckaringa licence

Altona Energy posted an update to its Arckaringa Coal Chemical Joint Venture Company on Tuesday, following the July announcement that a petroleum exploration licence was required from the South Australian government before drilling could begin.

The AIM-traded firm confirmed that, on 17 October, the joint venture company submitted an application for a licence in respect of an area overlapping that covered by PEL Application 604.

Application 604 was lodged by Sapex, a 100% subsidiary of Linc Energy, which is now in administration.

“The PEL application follows talks with the South Australian government, which remains supportive of the company's proposed investment in the Arckaringa Basin,” Altona’s board said in a statement.

“The directors cannot provide any assurances regarding the likely outcome of the PEL application at this time.

“However, the board remains confident that, along with its joint venture partners, Sino Aus Energy Group and Wintask Group, it will be successful in its endeavour to commence an underground coal gasification test drilling programme.”