Altona Energy results delayed as it works on South Australia acquisition

Coal exploration company Altona Energy announced on Tuesday that it was expecting to release its annual accounts for the year ended 30 June “within the next two weeks”.

The AIM-traded firm said the delay had been caused by a change in auditor, and the evaluation and new treatment of its historical Australian exploration licences.

It said it would look to provide an update soon as to the proposed acquisition of the new petroleum exploration licence application, as it announced on 21 November.

The two parties had since exchanged an exclusivity agreement, the board said, with final terms being negotiated.

In that announcement in November, the firm said it had entered into early stage negotiations with a third party to acquire a petroleum exploration licence application on a large tenement within the coal-bearing Arckaringa Basin in South Australia.

The tenement was said to be in close proximity to a major national road and rail transport corridor, and was also close to its historic minerals exploration licences within the Arckaringa Basin.

“The board has also agreed the immediate need for a fundraise to finance ongoing costs, allow it to acquire the new exploration licence and fund the preliminary exploration stages to confirm coal deposits suitable for the in-situ gasification process,” the directors of Altona said in their statement.

“Shareholders will be invited to participate in this fundraise and documents to this effect will be posted out in the next two weeks.”