An independent prospective resource assessment is now being carried out on HyTerra Ltd (ASX:HYT)’s Nemaha Ridge natural hydrogen leases.
Energy consultancy firm Sproule Incorporated, which has extensive Mid-West, USA experience, has been appointed for the assessment.
Energy consultant appointed
Sproule, headquartered in Calgary and with offices in Denver, Houston, Mexico City and The Hague, is a renowned global consulting firm specialising in the energy sector. The firm has distinguished itself by enabling industry professionals to make informed and strategically sound business decisions.
Founded on a bedrock of geoscience and engineering expertise, Sproule pairs technical acumen with an acute understanding of commercial aspects of energy markets and policy frameworks. This blend allows the firm to offer precise characterisations of subsurface opportunities in various energy sectors.
Further cementing its reputation for excellence, Sproule enhances shareholder confidence through its independent economic evaluations of energy resources. These assessments serve as pivotal tools for companies aiming to optimise their energy assets and improve their market positioning.
"Key input"
“We look forward to the delivery of this independent assessment which will help us quantify the prospective resource," HYT executive director Avon McIntyre said.
"It is also a key input in the selection of locations for drilling and communicating the resource potential to investors, stakeholders and off-takers”
As the assessment continues HYT will also advance pre-drill preparations.
“In parallel with our resource assessment, we are also advancing our pre-drill preparations to accelerate our operational readiness in Kansas," chief operating officer Luke Velterop said.
"This will enable the company to spud an exploration program at the earliest feasible opportunity,” he added.
Top tier assessment
With its extensive experience in the Mid-West and its wide range of previous assessment done for several ASX-listed helium explorers, HYT should benefit from Sproule’s familiarity with non-hydrocarbon gases.
Sproule uses industry-established guidelines that provide standardised definitions and a comprehensive classification system, known as Petroleum Resources Management System (PRMS), as the foundation for their reporting framework.
As of August 2022, the principles of the PRMS have been updated to include natural hydrogen and other gases, marking a significant shift in the industry standards.
For its forthcoming prospective resource assessment, HyTerra plans to capitalise on a recently acquired suite of geophysical data. Additionally, the company will make use of a comprehensive petrophysical database that has been compiled over the last six months.
The key findings of this resource assessment will be made public once completed. Sproule has indicated the assessment will be delivered around October.
About Nemaha Ridge