Altona Energy Plc, the AIM listed Australia-based energy company, says that CNOOC New Energy International (Australia) Pty Ltd, has received notification from the Foreign Investment Review Board ('FIRB') that there is no objection under Australia's Foreign Investment Policy for its participation in and establishment of the Arckaringa Unincorporated Evaluation Joint Venture ('the JV').

Formed specifically for the JV with Altona, CNOOC-NEIA is an Australian subsidiary of CNOOC-NEI, one of China's major oil companies. Following the FIRB assessment, the JV is able to proceed on the terms agreed, the first step of which is for CNOOC-NEIA to provide the funding for the completion of a Bankable Feasibility Study ('BFS') for the commercialisation of the Arckaringa Project.

Altona Chairman Chris Lambert said, 'The success of CNOOC-NEIA's formal application to FIRB represents a crucial milestone for the JV as it opens the gate for the full mobilisation of JV resources and advancement of the BFS for the Arckaringa Project. CNOOC-NEIA is now able to release the capital required for the all-important BFS, which will determine the most profitable applications for our 7.8 billion tonne coal resource.

'Work will shortly commence on the BFS by the joint operating team. There is a great deal of value adding activity to be undertaken throughout 2010 and we are delighted to be able to move forward with vigour after many years of solid preparation.'

Tags: Altona Energy, CNOOC Limited