Altona confirmed that in anticipation of the termination of the joint venture with China National Offshore Oil Corporation (CNOOC), it has already commenced a number of initiatives to progress the Arckaringa project:

◾ Identified and started discussions with potential new partners ◾ Parsons Brinckerhoff have been engaged to ensure that the bankable feasibility study ("BFS") is completed with the most cost-effective and relevant scope to maximise potential value: ◾ The Base case will now focus on joint Coal to Methanol and Coal to Liquids ◾ The report will cover how Altona could potentially joint venture on infrastructure development with third parties

◾ Started work on the regulatory approvals required for the reassignment of the 51% interest

Tags: Altona Energy