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Share Watch – 27 June 2021

Share Watch –  Province Resources (ASX:PRL) 

PRL is aiming to develop Australia’s first truly zero carbon green hydrogen project. PRL has partnered with Total Eren, partly owned by Total SA – the fourth largest energy super major in the world.

Green Hydrogen is a clean energy source, widely tipped to play a massive role in the world’s energy mix over the coming century. PRL is one of the earliest movers on the ASX in this sector.

PRL’s project is located in Carnarvon, a place with lots of sun and wind, perfect for renewable energy generation. PRL intends to use this abundant renewable energy to split water into hydrogen to supply domestic and Asian markets.

Today PRL confirmed it is successfully engaging with the local communities, holding a stakeholder and community engagement meeting in Carnarvon.

In April, PRL announced a binding MoU with renewable energy experts Total Eren – part owned by global Total. The intent of the MoU will be for Total Eren to fund, own and operate the upstream renewable power facility, and both partners (PRL and Total Eren) to own the downstream hydrogen production and distribution infrastructure 50/50.

Since April, PRL has also:

  1. Signed an MoU with the Shire of Carnarvon: PRL and the Shire will also investigate the viability of a 12,311 ha area north of the Carnarvon township for development of project infrastructure.

  2. Raised $18M at 15c per share (it was a heavily oversubscribed capital raise, led by ESG and other institutional funds).

  3. PRL has begun its Scoping Study, with results to feed into the next stage of project development.

Financial indicators

The VIX fear gauge down by 5.08 points since 20 June by to 15.62,  a significant move into the safety zone.

The Dow Jones Industrial Average up 1,143.76 points or 3.44% since 20 June to 34,433.86, the STOXX 600 up 32.58 points or 7.66% to 457.05 and the Shanghai Composite index up 82.46 points or 2.34% to 3,607.56.

Gold up to 1,781.80. US 10-year Treasury Bonds up to 1.528 and oil up to 74.00. Cryptos Bitcoin down by 1,430 points or 4.09% to 33,499.

ASX 200 down 60.90 points or 0.83% since 20 June to 7,308.00. The Aussie dollar up to 75.93 US cents.

Carbon Market Spot Prices

LGC $33.35                                                                                                     STC $38.80

ESC $33.75                                                                                                     VEEC $64.75

ACCU $19.30                                                                                                  EU ETS €52.81

NZU $NZ43.60

Sources: RenewEconomy, demandmanager,  Reuters, SMH, Market Watch, Stockhead

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