PRL to progress green hydrogen project without Total Eren - Q&A Session 1PM AEDT
Disclosure: S3 Consortium Pty Ltd (the Company) and Associated Entities own 20,402,926 PRL shares, and the Company’s staff own 200,000 PRL shares at the time of publishing this article. The Company has been engaged by PRL to share our commentary on the progress of our Investment in PRL over time.
Our green hydrogen Investment Province Resources (ASX:PRL) just announced that its binding term sheet with Total Eren has expired, and a proposed development agreement was not entered into prior to expiration.
PRL will now be progressing the project with 100% ownership, without Total Eren.
There will be an online Q&A session with PRL Managing Director and CEO David Frances today, Tuesday 7 March, at 1PM AEDT (10AM AWST) where we expect to get some more details on this news.
All investors are invited to this session.
PRL is one of our largest holdings and this is a significant development, so we will be attending.
Investors are invited to register for the 30-minute conference call before the scheduled start time by clicking this link:
For those who can’t attend, a transcript of the call will be lodged with the ASX once completed.
We will also be providing our detailed analysis on the news after we have listened to the Q&A conference call.
What's next for PRL?
PRL and Total Eren first signed an MoU on a large-scale green hydrogen project in the Gascoyne region of Western Australia back in April 2021.
In August 2022, the parties progressed to a binding term sheet that set out 50/50 joint venture terms between them.
The terms were for a six month period and set out the key roles between the parties as the project moved through the feasibility stages.
The term sheet expired on 16th February 2023, and has not been extended. A proposed development agreement was also not entered into.
This means PRL will be progressing the project with 100% ownership for the time being.
According to the announcement:
Managing Director David Frances said that, while Total Eren had a good track record in developing renewables projects, the Board’s view was that the objectives of Total Eren for the development of the HyEnergy® Project were not fully aligned with the objectives of Province and that Province and Total Eren had not reached agreement with respect to the development of the HyEnergy® Project prior to expiry of the term sheet.
Province will continue to take the HyEnergy® Project forward. The Company is fully funded to undertake Pre-Feasibility and Definitive Feasibility studies. It will also continue to advance its land tenure position and the negotiation of an Indigenous Land Use Agreement with native title parties.
In the Q&A we expect to hear more about why the JV did not progress and the forward plan for PRL.
Today PRL also confirmed its Pre-Feasibility Study has commenced, awarding a contract to GHD for the downstream component of the project. The upstream DFS contract award is expected soon.
PRL held $18.8M at the end of last quarter, and is fully funded to progress these feasibility studies.
PRL Managing Director and CEO David Frances will be conducting a 30-minute Q&A session at 1PM AEDT / 10AM AWST - here’s that link again:
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