Decision expected 6/12/16 on the Forgery Dismissal Application
Churchill Mining has been advised that its lawyers, Clifford Chance LLP, have received notice of the ICSID Tribunal's intention to issue its decision on the Republic of Indonesia's Forgery Dismissal Application on 6/12/16.
A temporary suspension in trading of the Company's shares on AIM will take effect from 7.30am on 6/12/16.
Restoration of trading will take place following the Company's RNS notification of the Tribunal's decision. The Company will release its notification as soon as possible after it has had the opportunity to review the decision.
Time table for development of Arckaringa UGC remains uncertain at this stage
PBT of £26,000 in FY16 up from a LBT of £1.3m in FY15, due to a reduction in administrative expenses and the reversal of a provision following HMRC cancelling its enquiries into underpaid tax.
Net cash totalled £294,000 in FY16 up from net debt of £355,000 in FY15.
NORTHLAND CAPITAL PARTNERS VIEW: Altona Energy remains confident that despite the delay to the Arckaringa UGC Project caused by the requirement to obtain a Petroleum Exploration Licence (PEL), the project will move forward in 2017 with the PEL application now submitted. While the Company does not yet know what the timetable of events will be going forward it is hopeful that by the end of Q1 2017 it will be in a position to update shareholders with a plan for the drill programme at Arckaringa. Given that South Australia is currently undergoing an economic downturn and regularly experiences power shortages, the Company believes that a project that can provide both jobs and power, such as Arckaringa, will be made a high-priority by the regional Government.