HyTerra Expands Hydrogen Exploration in Kansas with Major Investment
Key Ideas
- HyTerra has expanded its Nemaha project in Kansas by adding 13,000 more acres for 'white' hydrogen exploration, increasing its total holding to approximately 52,000 acres.
- The expanded exploration area, supported by a major investment from Australian mining giant Fortescue, is expected to provide further impetus to the upcoming drilling program.
- Historic hydrogen occurrences in the area, originating from iron-rich rocks, have made acquiring exploration leases in the Nemaha project a high priority for HyTerra.
- A strategic 39.8% interest acquisition by Fortescue for $21.9 million is pending HyTerra shareholder approval, with a delayed EGM rescheduled for December.
HyTerra, a local listed company in the US, has increased its focus on 'white' hydrogen by expanding its Nemaha project in Kansas with an additional 13,000 acres. This move brings the total acreage under HyTerra's ownership to about 52,000 acres. The newly acquired area underwent significant seismic coverage, boosting HyTerra's confidence in including it in the Nemaha project. Executive Director Dr Avon McIntyre expressed that this expansion would enhance the company's upcoming drilling program, which is set to receive substantial backing from Fortescue, an Australian mining conglomerate. The identification of the area as prospective for hydrogen and helium, along with the reprocessing of seismic data, has paved the way for selecting ideal drilling locations. The company aims to capitalize on the numerous historic hydrogen occurrences in the region, likely stemming from iron-rich rocks. HyTerra's agreement with Fortescue for a 39.8% interest, involving a $21.9 million subscription pending shareholder approval, has resulted in a rescheduled EGM to December. The delay is due to the awaited independent expert's report that will be crucial for shareholder consideration. Despite this delay, the planned drilling campaign is anticipated to kick off promptly post-EGM approval.