An announcement shareholders have been waiting for:

Province Agrees Binding Key Terms with Total Eren to Develop HyEnergy® Project

Highlights:

• Legally binding key terms finalised with Total Eren to guide the development of the HyEnergy® green hydrogen project

• Agreement settles 50:50 structure in the project and relationship between the parties, together with their key roles as the project moves through feasibility stages

Province Resources Limited (Province) has finalised the negotiation of key terms with Total Eren Australia Pty Ltd (Total Eren) for the co-development of the HyEnergy® green hydrogen project in the Gascoyne region of Western Australia.

The agreement builds on the Memorandum of Understanding signed by both parties in 2021 to support the development, which has subsequently been recognised by the Western Australian Government as a project of State significance.

Province CEO and Managing Director David Frances said the agreement on key terms would keep the HyEnergy® project at the forefront of large-scale green hydrogen developments in Australia.

“The key terms recognise the value of Province’s unique relationships with stakeholders in the project area, including native title holders, pastoralists and the wider community,” Mr Frances said.

“It also recognises the deep experience and technical capability that Total Eren brings to the table.

“We have ensured that the key terms provide value for Province shareholders and provide the best possible path forward for the project and we look forward to continue our positive relationship with Total Eren.”

Total Eren and Province have made significant progress in recent months on land access for the HyEnergy® development, including receipt of consents from the

Baiyungu and Yinggarda people for licences covering the project area. Agreements have also been reached with a number of pastoralists in the region.

Nice update :

Completion of Feasibility demonstrates technical and commercial feasibility

Highlights:

• Feasibility Study (HyExport Study) completed and delivered to the HyEnergy® Project partners, Province Resources (ASX:PRL) and Total Eren, and issued to the WA Government for final review (Milestone 5).

• The HyExport Study analysed the export of 200,000 tonnes per annum of green hydrogen from the HyEnergy® Project into Asia-Pacific, with a focus on delivery into Singapore.

• Completion of the HyExport Study confirms Provaris’ proposal to develop a compressed hydrogen export supply chain from the proposed Gascoyne site is feasible, without the need for a conventional onshore port.

• Hazard identification, operational modelling and an environmental assessment demonstrated there were no significant risks that would prevent the project from progressing to the next stage of design & engineering.

• The HyExport Study was completed on budget, with funding support from the WA Renewable Hydrogen Fund, as part of the Western Australian Government’s Renewable Hydrogen Strategy.

• A public Knowledge Sharing Report with a summary of study outcomes is anticipated to be released by the WA Government in the December quarter 2022.

Trading Halt for announcing the Joint Development Application with Total Eren, who are already hiring for the project according to their LinkedIn

Province is a green hydrogen play. They’re building the HyEnergy project which will manufacture green hydrogen in Carnarvon, WA. There are strong tail winds with emissions targets at state and national level governments. WA has specific target of 10% for green hydrogen in their renewable energy mix by 2030. Add to that Twiggy Forrest’s enthusiasm for the technology, touting it to big players last year including Joe Biden. Rumour mills had him buying up PRL recently after the announcement Traditional Owner consent for the land the project is occupying.

There’s a lot more info on their website regarding the project and why Carnarvon is an ideal spot for the project https://www.province.limited/hyenergy/

Share price has nearly tripled since recent lows.

I bought in at circa $0.08 IRL and added to SM

@outside. 
thanks for your assessment. It is certainly an exciting project, and in light of recent IPCC report, needed in a big hurry. 
ive spent some time up in that part of the world and can certainly attest to the wind and the sun!

In your analysis, have you considered how they will export this hydrogen to international markets?  Does it travel via the pipeline and hence to a deep water port?

the reason I ask is that Carnarvon has a shallow marina, (with a very challenging approach at low tide!) Historically, this was overcome by building one of the longest jetties of its time - 1 mile jetty. That was about 120 years ago, so might not be fit for purposes any more!

Geraldton is ~500km away, and has a sizeable port, but not deep water. Oakajee was slated for construction but never got off the ground. 
I don't have any understanding of the logistics required for hydrogen shipping infrastructure but wondered whether this is something that also needs to be factored into the thesis?

regarfs