Buru Energy Divests 2H Resources to Koloma Australia in Strategic Shift
Key Ideas
- Buru Energy Ltd signs binding agreements to sell its natural hydrogen and helium subsidiary, 2H Resources Pty Ltd, and non-core exploration acreage in Western Australia's Canning Basin to Koloma Australia Pty Ltd for up to $2 million.
- The divestment allows Buru to focus on advancing its flagship Rafael Gas Project and building a Kimberley-based gas business for long-term cashflows and shareholder returns.
- Koloma's acquisition of 2H Resources marks its entry into the Australian hydrogen sector, aiming to build a robust portfolio of natural hydrogen assets in alignment with the global shift towards cleaner energy systems.
- Completion of the deal, subject to regulatory approvals, is expected later this year, enabling Koloma to progress the Australian hydrogen exploration and drilling campaign for potential value creation.
Buru Energy Ltd has taken a strategic step by signing binding agreements to sell its natural hydrogen and helium subsidiary, 2H Resources Pty Ltd, along with non-core exploration acreage in Western Australia's Canning Basin to Koloma Australia Pty Ltd in a deal valued at up to $2 million. The sale is part of Buru's focus on advancing its flagship Rafael Gas Project following a business review. The acquisition by Koloma includes 100% of 2H Resources' shares and exploration licences in multiple Australian regions, with completion subject to regulatory approvals. Buru retains an option to re-enter any future hydrogen discovery by 2H Resources. The divestment allows Buru to concentrate on its Rafael gas project and Kimberley-based gas business for long-term cashflows. Koloma's entry into the Australian hydrogen sector signifies its aim to build a robust portfolio of natural hydrogen assets. The deal's completion is expected later this year, enabling Koloma to progress its hydrogen exploration campaign in Australia.