Wednesday November 18, 09:52 AM
UPDATE 1-Altona signs JV with China's CNOOC; shares up
* JV to develop Arckaringa project in South Australia
* To evaluate 7.8 bln tonne coal resource
* Shares rise as much as 42 pct
(Adds details)
Nov 18 (Reuters) - Energy firm Altona Energy Plc (LSE: ANR.L - news) said it signed a joint venture deal with a unit of state-owned China National Offshore Oil Corp to develop its project at Arckaringa in South Australia, sending its shares up as much as 42 percent.
The Australia-based Altona said the joint venture with China National Offshore Oil Corporation New Energy Investment (CNOOC (0883.HK - news) -NEI) would help evaluate the development and commercial potential of the 7.8 billion tonne coal resource.
Under the terms, a unit of CNOOC-NEI will fund a bankable feasibility study for a coal mine and will also act as an operator to carry out the evaluation work in return for a 51 percent stake in Altona's Australian unit's exploration licences.
Altona's shares rose 1.35 pence to 5.75 pence by 0909 GMT on the London Stock Exchange (LSE: LSE.L - news) .
(Reporting by Purwa Naveen Raman in Bangalore; Editing by Aradhana Aravindan) Keywords: ALTONA/
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