HyTerra adds 13,000 acres to Nemaha project in hunt for white hydrogen
HyTerra (ASX: HYT) has expanded its hunt for “white” hydrogen with the addition of approximately 13,000 more acres to its Nemaha project in Kansas.
The first local listed company to focus on the search for highly valuable natural hydrogen in the US, HyTerra now holds approximately 52,000 acres following the successful application for these new infill leases.
The newly acquired area has had significant seismic coverage, providing HyTerra with the confidence to add it to Nemaha.
Further impetus
Executive Director Dr Avon McIntyre said the expanded exploration area would add further impetus to the company’s upcoming drilling program, which will be supported by a major investment from Australian mining giant Andrew Forrest’s Fortescue (ASX: FMG) conglomerate.
“The subsurface team at HyTerra identified this area earlier in the year as being particularly prospective for hydrogen and helium and we acquired some legacy seismic data in the area to assist us in selecting the right leases to acquire,” Dr McIntyre said.
“Reprocessing this seismic data has resulted in a significant uplift in imaging quality and has revealed excellent candidates for our upcoming drilling campaign, which we are now progressing to secure additional drilling locations.”
Numerous historic hydrogen occurrences in the Nemaha project area are believed to originate from the iron-rich rocks and Dr McIntyre said acquiring exploration leases in this area has been a high priority for the company.
Fortescue EGM delayed
HyTerra announced in late August that Fortescue had agreed to acquire a strategic 39.8% interest in the company for a total subscription of $21.9 million, subject to HyTerra shareholder approval.
HyTerra has confirmed that an extraordinary general meeting (EGM) to consider Fortescue’s strategic investment has been pushed back to December while it awaits an independent expert’s report.
The report, which must be provided to shareholders as part of the notice for the EGM, is now expected to be finalised by the end of October.
The planned drilling campaign will commence as soon as practicable following the EGM.