ALK Alkemy Capital Investments Plc

 

TIDMALK 
 
RNS Number : 6623V 
Alkane Energy PLC 
15 July 2009 
 

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| For immediate release                 |                          15 July 2009 | 
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Alkane Energy plc 
 
 
("Alkane" or "the Company") 
 
 
Trading Update, Appointment of Nominated Advisor 
and Directorate Change 
 
 
Alkane Energy plc (AIM:ALK) the owner and operator of "Gas to Power" plants in 
the UK today announces an update on trading ahead of the Company's Interim 
Results scheduled for Wednesday 16 September 2009. 
 
 
The Board of Alkane is pleased to report that it continues to trade in line with 
management expectations and the Company has made good progress in the 
installation of new capacity. 
 
 
During H1, Alkane generated 40GWh in the UK, maintaining output at around 2008 
levels. This stable output has been achieved despite reduced generation from the 
Bevercotes site where lower gas volumes have resulted in the move of some 
capacity to other operating sites. Whilst gas and electricity sales pricing have 
been volatile over the last 18 months the Company continues to benefit from the 
forward electricity pricing contracts which were entered into last year. The 
average selling price is expected to be approximately GBP60 per megawatt hour in 
2009, and just below GBP50 per megawatt hour in 2010. 
 
 
Alkane has a strong pipeline of new projects which are progressing well 
with additional sites expected to be commissioned during H2 of this year and 
during the start of 2010. The Company is delighted to announce that the new site 
at Bilsthorpe has commenced production ahead of plan. The Bilsthorpe site will 
have a 4.5MW capacity, with a further 1.9MW currently being commissioned at 
Shirebrook. 
 
 
Following the disposal of Pro2 Anlagentechnik GmbH, Alkane's strategy is to 
focus on the growth of its UK business. Activities have been suspended at 
Joarin, our last remaining German Coal Mine Methane asset, with the gas 
engine being redeployed to the UK demonstrating our flexible infrastructure 
model. This plant flexibility allows us to reduce capital expenditure on new 
projects. 
 
 
Appointment of Nominated Adviser and Broker 
 
 
The Board is also pleased to announce the appointment of Altium Capital Limited 
("Altium") as Nominated Adviser and Broker to the Company with immediate effect. 
 
 
Management Succession 
 
 
The Board of Alkane also announces today the retirement of David Oldham as 
Technical Director of the Company. David will stand down after 12 months 
following an orderly handover to a new Operations Manager, expected to be 
appointed shortly. 
 
 
Commenting on trading and management succession Neil O'Brien, Alkane's Chief 
Executive Officer said: 
 
 
"Trading in the first half of 2009 has been satisfactory. We are pleased that 
Bilsthorpe is commencing operations, and we expect to see further increases in 
output as this and additional new facilities come online. 
 
 
"We would also like to thank David Oldham for his significant contribution to 
the Company over the past decade. His expertise has been critical in 
establishing our portfolio of trading assets and our strong license position. 
The Company has seen significant growth in Coal Mine Methane revenues in recent 
years which is in large part due to David's expertise and knowledge. We are 
grateful that he has agreed to assist in the succession planning and will remain 
with the Company for the next 12 months. 
 
 
"In summary, we are pleased with the progress of the Group during the period and 
we remain in line with management expectations for the year as a whole." 
 
 
For further information please contact: 
 
 
+--------------------------------+----------------------------+ 
| Alkane Energy plc              |                            | 
| Neil O'Brien, CEO              | Tel: 01623 827927          | 
| Steve Goalby, Finance Director |                            | 
|                                |                            | 
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| Buchanan Communications        | Tel: 020 7466 5000         | 
| Ben Willey, Partner            |                            | 
| Miranda Higham, Associate      |                            | 
+--------------------------------+----------------------------+ 
| Altium Capital Limited         | Tel: 0161 831 9133         | 
| Corporate Finance -Adrian Reed | Tel: 020 7484 4079         | 
| Corporate Broking - Chloe      |                            | 
| Ponsonby                       |                            | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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