Top End Energy Limited (Top End or the Company) (ASX:TEE) is pleased to advise of the execution of a binding term sheet to acquire granted acreage in the Northern Territory (NT) from wholly owned subsidiaries of Hancock Prospecting Pty Ltd (Hancock). The acquired acreage is considered highly prospective for natural Hydrogen and Helium, plus conventional and unconventional hydrocarbons.

HIGHLIGHTS

• Acquisition of granted NT Exploration Permits (EP) 144, 153 and 154 (the Permits) from Minerals Australia Pty Ltd and Jacaranda Minerals Limited, wholly owned subsidiaries of Hancock (together, the Vendors).

• Multiple plays identified:
• • All key play elements for natural Hydrogen and Helium identified; geological similarities with Top End’s EP 257 and close to historical concentrations of natural Hydrogen and Helium including 6.91% Hydrogen in the Wyworrie-1 well immediately adjacent to EP153.
  • Beetaloo Basin margin / flank play – liquids-rich unconventional hydrocarbon potential identified on EP 153 and EP 154.
  • Frontier South Nicholson Basin play opening targets identified – conventional natural gas, natural Hydrogen and Helium prospectivity on EP144.

• Clear operational and technical synergies with Top End’s current Beetaloo/McArthur Basin portfolio.

• No upfront consideration and limited near-term expenditure commitments.

• Four-fold increase in Top End’s granted licence tenure with flexibility to accelerate high-value activities.

• Top End is developing a detailed forward work program and plans to update the market on this following transaction completion.

• Simultaneously, the Company has raised $2.1 million in an oversubscribed placement to fund forward work program and corporate working capital.

To view the full ASX announcement, click here. 

Source: Top End Energy