Altona Energy has signed a joint venture with CNOOC-NEI, a subsidiary of China National Offshore Oil Corporation - one of China's three largest oil majors - to help it evaluate the company's estimated 7.8bn tonne coal resource in South Australia. While the majority of that resource hasn't yet been determined to internationally recognised (JORC) standards, 1.287bn tonnes has been brought up to JORC classification standards and forms the basis of the Arckaringa coal-to-liquids project.
The Chinese company's expertise and resources will help accelerate the Arckaringa project, notably through funding and managing the bankable feasibility study. CNOOC-NEI will also assess the full potential of the coal resource and will help develop other projects - including coal-to-liquids, synthetic natural gas, power co-generation and other potential clean energy projects. In return, CNOOC-NEI receives a 51 per cent interest in the Arckaringa exploration licenses.
What we said:
When: 27/02/09
Price: 1.9p
