- Farm-in agreement with Mosman Oil and Gas Ltd to acquire a 75% interest in the EP 145 Permit in the Amadeus Basin in Central Australia. The proposed transaction is subject to Ministerial Consent and Government approval for the transfer of the rights as an Operator.
- EP 145 hosts an existing Prospective Resource Estimate, with a “Best Estimate” of 440 Billion cubic feet (“Bcf”) Total Gas, including 26.4 Bcf of Helium and 26.4 Bcf of Hydrogen.
- Preliminary technical analysis indicates the tenement hosts favourable geology for helium production, with similar characteristics to other producing helium wells in the Amadeus Basin.
- The Amadeus Basin has a long history of hydrocarbon production and has the potential to become a world-class province for helium and hydrogen, with some of the highest concentrations of helium globally and confirmed hydrogen accumulations.
- Acquisition provides an exciting opportunity to target the rapidly expanding helium market, which is experiencing significant long-term supply shortfalls.
- Proximity to critical gas infrastructure provides a near-term commercialisation pathway, with potential to be rapidly advanced alongside Greenvale’s flagship Alpha Torbanite Project in Queensland.
- Transaction terms is a cash payment of $160,000 for a 75% interest and with the Company to fund 100% of the seismic and well work programme.
- Greenvale is to be the Operator of the project. The Project is to be administered under an Operating Committee, which Greenvale will control.
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Source: Greenvale Energy