PRL Progress Tracker
Disclaimer: We are NOT renewable energy development experts - this document is used by our team internally to try and track the company’s progress towards building a green hydrogen project, it should not be relied upon by anyone to make any decisions. This document will change over time as the project evolves.
A long journey begins for PRL’s HyEnergy project…
Deal summary:
What did PRL pay?:
2 March 2021 - Hydrogen Project Feasibility Studies Commencement
We already knew the Gascoyne region of WA is windy and sunny, but is it suitable for a green hydrogen project?
PRL secures a SODAR weather monitoring system to find out…
22 March 2021 - Board Changes
First key Board appointment, Kylah Morrison as a Non-Executive Director
Kylah has over 14 years experience in private companies in the energy industry to complement their expertise in corporate relations
Having lived and worked in Karratha - her knowledge of how to build relationships in remote and regional Australia was a significant win for PRL at this early stage
7 April 2021 - Landholding Increased by 864km2 in the Gascoyne Region
PRL applies for a further 864km2 in the Gascoyne coastal region
Coastal area is key for green hydrogen because there is:
NEW
19 April 2021 - MOU with Total Eren to Develop Green Hydrogen Project
A big breakthrough - PRL and Total Eren sign a binding memorandum of understanding (MoU)
Total Eren is a leading France-based renewable power company with over 3.3 GW of renewable
energy power plants worldwide
Part owned by energy giant TotalEnergies SE (market cap ~US$187B)
The MOU is for a period of 4 months and outlines:
27 April 2021 - Completion of Acquisition
4 May 2021 - MoU with Shire of Carnarvon
PRL completes acquisition of all of the vendor’s shares which means PRL is now the holder of the seven license applications in the Gascoyne region.
Later in May, PRL signs a MoU with the Shire of Carnarvon in the Gascoyne Region to further investigate the suitable areas for infrastructure projects around the HyEnergy project.
This marks the beginning of PRL’s stakeholder engagement efforts.
15 June 2021 - Stakeholder Engagement and Key Management Appointments
PRL stakeholder engagement deepens - Letters of Support from the Gascoyne Development Commission and Shire of Carnarvon secured
PRL management enhanced with Greg Walker and Burke Maslen added to help drive local connections
27 July 2021 - Key Board Appointment
Roger Martin Appointed a Non-Executive Board member enhancing PRL’s outreach across government and local communities
Previous experience:
- Chief of Staff to former West Australian Treasurer Ben Wyatt from 2017-2021
- Vice President of Corporate Affairs at Woodside
10 September 2021 - First Licence Secured for HyEnergy Green Hydrogen Project
The first major step towards land tenure for PRL:
Section 91 Licence granted over Town Common land near Carnarvon.
A Section 91 licence under the Land Administration Act allows the Company to begin environmental and other on-ground studies.
PRL secures this over a 98.6km2 site north of Carnarvon.
18 November 2021 - Land Tenure Changes Clear Path for Green Hydrogen Projects
PRL’s government outreach pays off:
WA Government establishes new tenure regime for green hydrogen developments via an amendments to Land Administration Act 1997
A new form of tenure called a diversification lease is created (see image)
20 December 2021 - HyEnergy Project Awarded Lead Agency Status
Another win…
Lead Agency status means the WA government will actively assist PRL with ushering the HyEnergy project forward - this recognises it as “a significant project which is in the State’s interest”
2 March 2022 - Province Announces Positive Scoping Study
The long-awaited Scoping Study is delivered (we’d been hoping for it to arrive in the second half of 2021)
PRL’s Scoping Study is a critical step needed before PRL’s potential development partner TOTAL Eren signs off on a “Joint Development Agreement” (JDA).
Turns out PRL’s project land is suitably sunny and windy for renewable energy like wind and solar…
PRL also reveals negotiations with TOTAL Eren on this key agreement are now underway.
Outcome of the potential deal (JDA):
To lock in the MoU terms where TOTAL Eren will fund and own 100% of the renewable energy project, and 50% of the hydrogen production project, with PRL funding and owning the other 50%
JDA terms expected to be finalised expected by 31 May 2022
A huge step forward on the stakeholder front…
PRL got formal consent from the Nganhurra Thanardi Garrbu Aboriginal Corporation (NTGAC) and the Yinggarda Aboriginal Corporation (YAC) across its project area.
PRL secured land access consent from native title groups covering ~870km2 of land.
To our knowledge, no other green hydrogen project in Australia has secured this yet - which we think means it is currently one of the most advanced hydrogen projects in Australia.
Discussions on JDA remain ongoing after May 31 comes and goes…
NEW
29 July 2022 - PRL Making Progress on HyEnergy Joint Development Agreement
Negotiations drawing to a conclusion…
Short extension of 10 days to current Memorandum of Understanding (MoU) to finalise JDA terms
PRL subsequently goes into a trading halt on 11 August 2022
22 August 2022 - Binding Terms with Total Eren to Develop HyEnergy Project
At long last!
Agreement on key terms and binding term sheet summary provided
A 50:50 structure is implemented across BOTH downstream and upstream assets.
As we understand it, the JDA is replaced with new terminology - a shareholders’ agreement (SHA)
Aim is to sign SHA in 8 weeks. The term sheet terminates in 6 months, or when the SHA is signed
Read our full commentary on this news
25 August 2022 - Significantly Expanded Licence Area for HyEnergy Project
More land tenure progress…
PRL secures another section 91 licence over an
additional 2,217km2
This brings the total area under license to more than 3,000km2
Remember from earlier - the “Section 91” license allows PRL and Total Eren to conduct studies and undertake feasibility activities for the project.
Read our full commentary on this news
What’s next for PRL?