PERTH (miningweekly.com) – The merged entity between ASX-listed Real Energy Corporation and its joint venture partner Strata X will be known as Pure Hydrogen Corporation, and will trade on the ASX under the code PH2.
Real Energy and Strata X in July of last year agreed to a merger under which Real Energy shareholders would receive one new Strata-X share for three of their Real Energy shares.
The merged entity will have a total of 11.89 trillion cubic feet of prospective gas resources, with 770 billion cubic feet of 3C and 353 billion cubic feet of 2C contingent gas resources, with resources located in the Surat and Cooper basins, in Queensland, and in the Republic of Botswana.
Real Energy on Thursday noted that the merger would likely be completed on March 9.
The directors of both companies have decided to change the name of the merged entity to Pure Hydrogen, to better reflect the active pursuit to build a large hydrogen business, and to establish the company as a meaningful player in the emerging hydrogen economy.
The merged entity, through its subsidiaries, is currently progressing five hydrogen projects, including plans to build four large-scale hydrogen hubs on Australia’s east coast, two of which will be located in Queensland, one in New South Wales, and one in Victoria.
A term sheet has already been inked with private hydrogen project development company Port Anthony Renewables to build and develop a large-scale hydrogen production facility at Port Anthony, in Victoria, with an initial targeted production of 20 t/d.
During 2021, the merged entity will assemble the foundations of the value chain, with the goal of building and developing the large-scale hydrogen business, and would look to secure hydrogen sales agreements, and JVs with hydrogen manufacturers to build pilot plants at the hubs and transportation specialists to distribute the hydrogen from the hubs.