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HyTerra Reports H1'23 Results

In H1'23, HyTerra made significant progress on its projects: Nemaha Ridge and Project Geneva. It acquired 7,526 acres on the Nemaha Ridge, Kansas, initiating an exploration program aiming for permitted well sites by year-end 2023. An airborne survey by Xcalibur supports this effort. HyTerra in collaboration with Natural Hydrogen Energy are working on Project Geneva's Hoarty NE3 well in Nebraska, where an extended flow test is underway. It involves installing a pump to lower water levels, enabling the flow of hydrogen-enriched gases. Gas composition analysis is ongoing, focusing on hydrogen and other valuable non-hydrocarbon gases. While the initial phase succeeded, a mechanical issue requires a workover rig for assessment, pending key data from the operator. HyTerra ended the first half with a net loss of A$830k, cash position of A$1.4mm, and net assets worth A$9.7mm.

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