25% more land under licence for PRL's green hydrogen project

Today, our green hydrogen Investment Province Resources (ASX:PRL) announced that it had secured an additional 1,035 square kilometres of land south of Carnarvon, WA.

That’s equivalent to a roughly 25% increase in the company’s licenced land area, bringing PRL to a total of 4,162 square kilometres under licence.

We think it adds further momentum behind the proposed HyEnergy® green hydrogen project in WA as PRL negotiates the shareholders agreement with Total Eren.

In our last note on PRL, we argued that the scale of PRL’s project is akin to the $34BN North West Shelf Joint Venture which made Woodside what it is today - a $67BN market capped company.

Obviously there’s a long way to go for the $100M capped PRL and a number of risks, some of which we outline in our PRL Investment Memo.

But we’re hoping with history as a guide, PRL can go on to play a major role in Australia's energy transition.

What’s next for PRL? Convert the binding key terms from late August into a comprehensive legal document that will govern the running of the new joint venture entity