Proactive Investors - Mining Minerals & Metals PLC is finalising an all-share acquisition of Georgina Energy, a UK company with promising helium, hydrogen, and natural gas assets in Australia.
Expected to close later this quarter, the reverse takeover transaction has garnered significant institutional interest following meetings connected to a planned fundraiser, MMM said.
Interest in the story largely stems from Georgina's main asset, the Hussar project in Western Australia.
A competent person's report estimates the in-situ value of helium, hydrogen and natural gas there to be an eye-popping $60 billion, with entire assets base potentially taking that number above $100 billion.
Strategically, Georgina presents a low-risk approach by redeveloping existing wells with proven gas flow, targeting significant production of helium and hydrogen - two gases very much central to the technology and green transition sectors.
Drilling is slated to start in Q4. The acquisition hinges on definitive agreements, fundraising completion, shareholder and regulatory approvals, and successful re-admission to the stock exchange.
Roy Pitchford, MMM's chairman, said: "This acquisition has huge potential to create a leading hydrogen and helium producer that will compete on the global scene.
Georgina has done an excellent job advancing their highly prospective and low-risk projects in Australia and we now near the conclusion of the transaction at a highly opportune time in the market.
"We see huge global demand coming for hydrogen and already there is a supply squeeze in helium making this an ever more attractive deal for MMM."