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HyTerra raising money for Kansas geologic hydrogen activities

Funds will finance drilling exploration for geologic hydrogen on the Nemaha Ridge in Kansas.

Australia-based HyTerra is raising AUD 6.1m for geologic hydrogen activities along the Nemaha Ridge in Kansas, according to an investor release.

Ther firm “is undertaking a capital raising of approximately AUD $6.1 million (before costs) through a placement to sophisticated
and professional investors and a subsequent fully underwritten non-renounceable rights issue to eligible shareholders,” with the funds allocated to execute a multi-well drilling program in Kansas.

HyTerra’s exploration acreage covers over 9,600 acres and is 100% owned and operated.

Hydrogen and helium occurrences have been recovered previously from wellbores within these leases. They are near agricultural and manufacturing facilities that are connected by rail, road and/or pipelines. Within these areas, the Company has identified multiple drilling targets covering a diverse range of geological plays.

HyTerra plans to continue leasing of high-priority acreage and drill two exploration wells. The timing of the drilling program is subject to regulatory and landowner approvals, as well as third-party contractor availability. However, it is HyTerra’s goal to commence drilling in 3Q24, according to the release.

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