Court Delays Real Energy, Strata-X Merger
The merger of Australian explorers, Real Energy and Strata-X Energy, has been delayed by a few days after the federal court of Australia requested further information, Real Energy said on March 1.
Real said that the hearing to approve the merge was held on February 26 and the court requested further information to allow the process to proceed and the matter was adjourned to March 5. If it approves the scheme, the merger will be effective on March 8, and shares of Real will be suspended from trading on the Australian Securities Exchange on the same day.
Meanwhile, Strata-X changed its name on March 1 to Pure Hydrogen ahead of the proposed merger. “Should the scheme not be approved, then the company formerly named Strata-X Energy Limited has agreed to change its name back to its former name or such other name as the parties shall otherwise agree,” Real said.
Pure Hydrogen is joint venturing with Liberty Hydrogen to set up four east coast Australia hydrogen manufacturing and distribution hubs. It is also studying the commercial viability of building, owning and operating a hydrogen fuel plant in Queensland with a minimum capacity of 36mn kilograms/year. Potential sites for the plant are being reviewed in the Surat basin, adjacent to Real’s existing 50%-owned Project Venus coalbed methane project, and near Gladstone.
Pure Hydrogen recently signed a memorandum of understanding with US-based Hyzon Motors on jointly developing hydrogen refuelling points in Australia.