HyTerra Gears Up for Major Drilling Campaign Boosted by Andrew Forrest's Investment
Key Ideas
- Australian company HyTerra, with backing from Andrew Forrest, is set to triple its drilling efforts in its white hydrogen project in the US.
- Recent acquisitions of 13,000 acres and successful infill leases have expanded HyTerra's exploration area to 52,000 acres at Nemaha.
- Seismic data reprocessing has identified high hydrogen and helium prospectivity in the new areas, leading to an increase in the upcoming drilling program from 2 to 6 wells.
- The drilling campaign will target deeper plays for hydrogen and helium discoveries using modern technologies, following an upcoming investment decision by Fortescue.
HyTerra, an Australian energy company, is gearing up for a significant drilling campaign in its white hydrogen project in the US, particularly in Kansas. Supported by a substantial investment proposal of $21.9 million from mining magnate Andrew Forrest, the company plans to expand its drilling efforts from two to six wells later this year. The recent addition of 13,000 acres to its Nemaha project, bringing the total exploration area to 52,000 acres, signifies the company's growing presence in the region. The acquisition of new acreage, coupled with reprocessed seismic data, has bolstered HyTerra's confidence in the prospectivity of the area for hydrogen and helium. The upcoming drilling campaign will focus on targeting hydrogen and helium discoveries at Sue Duroche-2 and Scott-1 sites, with a strategic emphasis on exploring deeper plays using advanced drilling and testing techniques. The company's subsurface team is optimistic about the potential of the new areas acquired, indicating a positive outlook for the project's future. The drilling activities are scheduled to begin post an extraordinary general meeting in December to finalize Fortescue's strategic investment decision in the project.