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Market: AIM
Sector: Energy
EPIC: ANR
Latest Price: 5.25p  (0,00%)
52-week High: 13.25p
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Altona Energy
www.altonaenergy.com
Altona Energy Plc, formerly Altona Resources Plc, is engaged in the evaluation of the development of an integrated coal-to-liquid plant and co-generation power facility, supported by an open-cut coal mine at its Arckaringa Project in South Australia.
Full Altona Energy profile here
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Altona Energy hires Jacobs Engineering director to advance Arckaringa coal project BFS

15th Mar 2010, 3:41 pm Altona Energy hires Jacobs Engineering director to advance Arckaringa coal project BFS

(updated) Altona Energy (AIM: ANR) has appointed Peter Fagiano as senior executive in charge of project technology to join the Arckaringa Joint Venture (JV) management committee, which is responsible for the JV’s operations and decision making on all key matters.

Fagiano will work on a part-time basis alongside Altona's JV partner CNOOC-NEI, a subsidiary of Chinese oil major China National Offshore Oil Corporation, to complete a Bankable Feasibility Study (BFS) to evaluate conversion opportunities for Altona's estimated 7.8 Bt (billion tonne) coal resource at Arckaringa in South Australia, of which 1.287 Bt are JORC compliant.

Altona is looking to convert its energy bank into high value clean fuels and industrial feedstocks, including its base case project comprising a 10 million barrel per annum coal to liquid plant and 560MW co-generation power facility.

“It is a great vote of confidence in Altona and the Arckaringa project that Peter Fagiano, having worked with us for a number of years and having recent direct involvement with leading clean coal conversion technologies, is joining our management committee.  Peter will be a key member of our technical team on the project and his experience, combined with that of Chris Schrape, our managing director, will be invaluable in ensuring the project and BFS proceeds as planned,” said Chairman of Altona Chris Lambert.

Fagiano has over 40 years of experience in process industries worldwide, which includes 10 years at Jacobs Engineering (NYSE: JEC), where Fagiano has established the process and chemicals business sectors. He has also completed projects for BP (LSE: BP), Chevron (NYSE: CVX), Petrobas (NYSE: PBR), Conoco Phillips (NYSE: COP), Shell (LSE: RDSB), Statoil (NYSE: STO) and Total (NYSE: TOT).

In November 2009, Altona agreed the terms for the JV with CNOOC-NEI, to develop Arckaringa. The companies are evaluating the maximum development and commercial potential of the. The JV intends to carry out detailed studies covering resource extraction and optimisation, project development options, as well as coal conversion studies. 

In return for a 51% interest in Arckaringa Energy's exploration licences, CNOOC-NEI will act as the project’s operator and it will fund the BFS. Altona said that it Chinese partner’s role not only covers the staged evaluation work under the BFS, but it will also to take responsibility for assessing the full potential of the coal resource and bringing projects to development.

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