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- Province Resources’ (PRL) agreement with Total Eren to jointly develop a HyEnergy project in Western Australia has expired
- The companies completed a scoping study for the project and finalised key terms for a co-development agreement in August last year
- However, PRL says the parties’ objectives were not fully aligned and an agreement hadn’t been reached before the term sheet expiry date
- Province says it is fully funded to undertake pre-feasibility and definitive feasibility studies and will continue moving the project forward, without Total Eren
- PRL shares are down 18.5 per cent on today’s announcement, trading at 4.4 cents at 3:00 pm AEDT
Province Resources’ (PRL) agreement with Total Eren to jointly develop a HyEnergy project in Western Australia has expired.
The companies completed a scoping study for the project after joining forces in April 2021.
Since then, Province and Total Eren had finalised the key terms of a co-development partnership.
However, the binding term sheet expired in February without reaching a development agreement.
Province’s Managing Director David Frances said while Total Eren had a good track record in developing renewables projects, the parties’ objectives were “not fully aligned” for the development of the HyEnergy project.
Province told investors it was fully funded to undertake pre-feasibility and definitive feasibility studies, and would continue to take the project forward without Total Eren.
Additionally, Mr Frances said the company was well-supported by Traditional Owners, pastoralists, the broader Gascoyne community, and the Western Australian Government.
“We will continue to work closely with our stakeholders as we drive the HyEnergy project forward,” Mr Frances said.
PRL shares were down 18.5 per cent on today’s announcement, trading at 4.4 cents at 3:00 pm AEDT.
