Australian oil and gas firm looks to acquire Patriot Hydrogen
Australian oil and gas company, Metgasco today (August 16) revealed plans to acquire renewable hydrogen and energy developer, Patriot Hydrogen, in a staged deal worth over A$6m ($4.2m).
H2 View understands the deal would see Metgasco undertake a A$750,000 ($526,000) equity investment into Patriot with an option to acquire 100% of the company via an all-scrip acquisition, valued at A$5.9m ($4.14m).
Forming part of the petroleum firm’s diversification strategy, the acquisition would see Metgasco offer hydrogen as a Net Zero energy option, while also offsetting some of its own emissions associated with its natural gas production assets.
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