Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-167

I'll take the contrarian view just for a change. So, no halt to ARL share trading.
Just a very important ASX announcement and life goes on very merrily thereafter.
My reasoning:

• tight register due to very low SOI.
• illiquid shares on ASX with approx. 90% tightly held by LT shs.
• revolves around confirming the outcome of fees negotiation that was already announced.
• non-existent risks or rumours/trumours affecting fair market trading.
• under the radar of or simply ignored by most financial analysts.

The ASX rules on trading halt (Guidance Notes 16) seem to suggest that ARL's situation could be in a grey area, which could swing either way.

Basically, the ASX has to be convinced that the halt is neither administrative nor promotional in nature. In other words, the halt cannot be used as a convenient mechanism to buy more time for the company to complete a relevant milestone.
That means any delays in finalising negotiations, signing agreements, etc. are merely matters of administration and do not meet the trading halt requirements. Also means that a halt cannot be called just to increase market awareness of the situation.

The ASX can prefer a immediate and straightforward announcement be made rather than deferring and replacing with a trading halt statement that is based on uncertainty of outcome.
When the negotiation is finalised, there is no lingering uncertainty. If/when a partial divestment of GHR is made to the JC, there is no uncertainty. As such, it is more appropriate to make an immediate announcement.

What are the situations that a trading halt is granted?

• when the market is not reasonable informed.
• risk of false or disorderly market.
• time needed to manage continuous disclosure obligaitons.

As can be seen above, ARL's situaiton seems to be in a grey area.