- Vulcan Energy (VUL) signs a contract with German business Rhein Petroleum to buy 3D seismic and drilling data to ensure efficiency of its green lithium mining
- VUL is the world’s first lithium producer with net zero greenhouse gas emission
- Vulcan Managing director Dr Francis Wedin said it used previous data from other explorations in favour of advancing its Zero Carbon Lithium Project
- The 3D seismic and drilling data covers 315 square kilometres of land, of which a portion belongs to its own European Mannheim and Lampertheim exploration licences
- Vulcan Energy was down 3.46 per cent to $10.60 per share
Vulcan Energy (VUL) has signed a deal with Rhein Petroleum to purchase 3D seismic and drilling data related to its assets in Germany’s Upper Rhine Valley region.
The data covers roughly 315 square kilometres of land, part of which overlaps Vulcan’s Mannheim and Lampertheim exploration licences.
In a statement this morning, Vulcan said using the data would increase its efficiency, “allowing the team to target high brine flow zones in a precise, tailored and careful manner.”
VUL has focused on maintaining its carbon neutrality to continue producing the greenest solution in the largest electric vehicle industry in the world, Europe.
Managing Director Dr Francis Wedin said it used previous data from other explorations in favour of advancing its Zero Carbon Lithium Project.
“This data acquisition potentially enables us to progress projects more efficiently and cost effectively than we would otherwise be able, at a time of unprecedented demand for lithium for electric vehicles, and for renewable energy in Europe,” he said.
Vulcan Energy was down 3.46 per cent to $10.60 per share at 1:00 pm AEDT.