ALK Alkemy Capital Investments Plc

RNS Number:2610X
Alkane Energy PLC
14 June 2002


14 June 2002

                               Alkane Energy plc

                                 AGM Statement


Alkane Energy plc ("Alkane") is the UK's leading producer of green energy from
abandoned coal mines.

At the Annual General Meeting, held earlier today, Dr Cameron Davies, Executive
Chairman, made the following comments:

"We were delighted with the Government's announcement in the Budget 2002 of its
intention to grant electricity generated from coal mine methane exemption from
Climate Change Levy.   This change resulted from intense lobbying by the
Association of Coal Mine Methane Operators of which Alkane is a founder member.
We remain optimistic that this is the first of several possible incentives the
Government could use to support the growth of this new industry.

"From the foundations laid in 2001, our first year as a public company,
development has continued with first sales of gas at Wheldale and Barnsley
earlier this year.  We remain on course to have six new sites in the East
Midlands and Yorkshire ready for gas draw down by the end of the year.

"All of our sites are now operational with the exception of the very small site
at Steetley where engine problems in our customer's electricity generating plant
have still not been resolved.  The Board is expected to make a decision shortly
on whether to close this site in order to concentrate efforts on the development
of other more cash generative projects.

"The Board remains optimistic about the commercialisation of its product and is
comfortable with the outlook for the year."



Enquiries:

Alkane Energy plc                                     Tel: 01623 827927
Dr Cameron Davies, Executive Chairman
David Cross, Chief Executive

Binns & Co PR Ltd                                     Tel: 0113 242 1171
Judith Parry/Sophie Morton




Editors' notes:

•        Alkane was listed on the main market of the London Stock Exchange in
December 2000.  At the same time the company raised £30m through an
institutional placing at a placing price of 90p.



•        Alkane has used its extraction concept in the development of five "
Green Energy Parks" in the East Midlands & Yorkshire where CMM is captured from
abandoned coal mines and is sold to a third party for conversion of electricity
on site or sold as a fuel for industrial processes.  It is the company's
intention to roll out over 100 further sites over the next five years.  The
current phase of development is in Yorkshire and the East Midlands.



•        Since 1996, Alkane has accumulated a widespread portfolio of 29 licence
areas covering abandoned and operating mines in England, Scotland and Wales.
These give it exclusive CMM production rights over a total area of 5,816 km(2).
This is the largest licensed acreage relating to potential CMM extraction in the
UK. There are nearly 400 abandoned coal mines on this acreage and over 900
abandoned coal mines in total in the UK.



•        CMM is a noxious and dangerous gas which escapes into the environment
from vents on abandoned coal mines.  It is 21 times more damaging to the
atmosphere that carbon dioxide in terms of global warming.  The company's
activities are therefore of great benefit to the environment.



•        ACMMO continues to lobby for further support such as CMM entry into the
Carbon Emissions Trading Scheme and for it to be recognised as a "renewable
energy" which would make it a player in the Renewable Energy Obligation. Under
this rule electricity suppliers will be obliged to source 10% of their
electricity from a renewable energy source by 2010.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Alkemy Capital Investments (LSE:ALK)
Storico
Da Lug 2023 a Lug 2024