Frontier Energy Ltd (ASX:FHE) has reached agreements with the sellers of two significant land parcels within its Bristol Springs Green Hydrogen Project in Perth to defer the settlement date under the contract for sale of land until November 30, 2023.
The original settlement date was December 31, 2022, and would have required the company to make a final payment of about $4.8 million in total.
With the deferment, Frontier now has greater flexibility to act on multiple other initiatives, including a number of other land acquisition opportunities surrounding the Bristol Springs Project.
In funding talks
The company is in advanced discussions with a property fund to finance future land acquisitions. This arrangement is expected to be in place in the first half of next year.
Frontier recently completed a pre-feasibility study to outline the potential of the project to be both an earlier mover and one of the lowest cost green hydrogen assets in Australia.
The project is in a unique location surrounded by major infrastructure, which reduces operating and capital costs compared to more remote hydrogen projects, and is surrounded by likely early adopters into the hydrogen industry in the transition from fossil fuels.