Altona Energy Plc announces the following update in respect of the Arckaringa Project in South Australia.
Altona has signed a memorandum of understanding ("MOU") with Sino-Aus Energy Group Limited, a British Virgin Islands Company and Wintask Group Limited, the Company's 29.04% shareholder (together "the Investing Parties").
The MOU signed with the Investing Parties includes the 'in principle' terms for an investment in Arckaringa, which remains subject to due diligence and the agreement of the final contract. The MOU states the investing parties intention, which is subject to due diligence, to invest 300 million RMB, into Altona and the Arckaringa project, to fund the completion of the Bankable Feasibility Study. The Due diligence is underway and the Company expects that this will be completed on or before 15 May 2014 with the Company making a further announcement in due course.