Under the terms of the agreement, CNOOC will become operator and take responsibility for assessing the full potential of the coal resource in return for a 51 per cent interest in the exploration licences.
Altona Chairman Chris Lambert said “The fact that the ceremonial signing was witnessed by China’s Vice President and Australia’s Prime Minister, along with the President of CNOOC and South Australia’s Minister for Trade and Industry, underpins the commitment being made by China and Australia to the long-term success of this project.”
Altona holds, through Arckaringa Energy, a 100 per cent interest in three exploration licences covering 2,500 square kilometres in the northern portion of the Permian Arckaringa Basin which includes three coal deposits — Westfield, Wintinna and Murloocoppie.
