Ann: PV1: Completion of HyEnergy Export Project Feasibility Study, page-11

Just had a good look at PV1’s most recent AGM presentation to shareholders - they are better communicators with investors than Province is, I think. They have a MOU with Total Eren too - signed subsequent to ours - to study the establishment of a Tiwi Islands green hydrogen export projct. That project now has lead status from the NT Govt, just like HyEnergy has from WA Govt.



I note from their announcements too that Provaris did a “marketing trip” with Total Eren representatives to Japan and Singapore a couple of months ago - something we don’t get told about here if indeed PRL was along for the ride too (and if not, why not). HyEnergy is of course referenced in Provaris’ presentations quite a bit as per the compression & transportation feasibility study done for Province/TE thanks to McGowan & MacTiernan.



I did wonder if Provaris was setting itself up for some sort of merger with us when it rebranded, and looking at the increasing alignment, synergies & overlap I think this is becoming a real possibility. The combined company would have HyEnergy in WA and the Tiwi project in NT under joint development with Total Eren, meaning substantial economies of scale plus streamlined govt/stakeholder relations (including greater ease - and weight - in managing the respective TE partnerships both companies are pursuing independently). Additionally the transportation solution Provaris is working on serves both businesses and has, in part, been funded to date by virtue of HyEnergy’s status within the WA Govt who funded it. Interestingly Provaris also has a Scandinavian base - in Norway - which isn’t too far from PRL’s Skåne/Sweden activities.

With still no word from Province yet on the signing of the final agreement with Total Eren, we are left to wonder over our holiday BBQs what exactly the New Year will bring!