Overlapping licence application change puts question mark on Altona plans
By Josh White
Date: Tuesday 16 May 2017
(ShareCast News) - Altona Energy announced on Tuesday that it had been notified by South Australia's Minister for Mineral Resources and Energy, that the assets of Linc Energy - including its wholly-owned subsidiary SAPEX - had been acquired by Tri-Star Petroleum Company.
The AIM-traded company had, along with its joint venture partners in the Arckaringa Coal Chemical Joint Venture, announced its intention to apply for a Petroleum Exploration Licence on Exploration Licences it already holds in South Australia in July 2016.
At the time, however, it was revealed its interests in the potential PEL overlapped with a PEL held by Linc Energy.
"These [acquired] assets include Petroleum Exploration Licence Application 604, which overlaps Altona's three Exploration Licences - EL3360, 3361 and 3362 - relating to the Arckaringa Project," the company's board confirmed on Tuesday.
"The Company is in the process of contacting Tri-Star to establish its intentions for PELA 604."
The board said it could not, however, give any assurances as to the outcome of any subsequent negotiations.
Altona's joint venture partners at Arckaringa include Sino-Aus Energy Group and Wintask Group.
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