Altona Energy announces Christopher Lambert as new CEO, and Michael Zheng as Executive Chairman

– UK – Altona Energy Plc is pleased to announce that following a review of the board’s composition and the role of the Chief Executive the following changes have been made to the board of directors.

Executive Chairman Christopher Lambert has taken up the role of Chief Executive, following the recent departure of Managing Director Chris Schrape.

Deputy Chairman Michael Zheng has stepped up to Executive Chairman, which recognises the fact that he brings a great deal of expertise and experience of working with China and in Chinese markets. In his new role he will further strengthen and develop Altona’s business relationships in China. Michael’s credentials to do this are already well established, through his role as managing director of Altona’s largest shareholder Tongjiang, and in his influence in attracting the Company’s new cornerstone investor, Wintask Limited. And finally, as previously announced, Wintask will receive Board representation, which will be detailed and announced in due course.

New Executive Chairman of the Company, Michael Zheng, commented: “Chris Lambert has expressed his willingness and desire to assume the role of Chief Executive and in endorsing this change, the board recognises that Altona’s Chief Executive is ultimately responsible for the development of the Arckaringa project. To that end, Chris Lambert plans to be in Australia a great deal more over the coming months to oversee progress at the project. Over the past seven years Chris, in support of then Managing Director, Chris Shrape, has developed excellent relationships with our strategic advisors, government bodies and ministries in South Australia. I therefore strongly believe that these relationships and his experience make him the only logical candidate to take on the role and bring about change to drive the Arckaringa project forward.”

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