Australia's Metgasco hits nearly 3-mnth high on Patriot Hydrogen acquisition

Metgasco

16/08/2022 04:57

** Shares of petroleum explorer and producer Metgasco Ltd
 MEL.AX  rise as much as 17.39% to A$0.027, their highest since
May 19
    ** Stock marks it sharpest gains since April 29 
    ** Co says it will acquire Patriot Hydrogen Limited, a
renewable hydrogen and energy developer, in phased manner 
 urn:newsml:reuters.com:*:nFWN2ZR4OW 
    ** MEL to buy Patriot Hydrogen through an all-scrip
acquisition at a valuation of A$5.9 mln ($4.14 mln)
    ** Under deal, co to provide financial and logistical
support for Patriot's deployment of its Kimberley Clean Energy
(KCE) in Western Australia 
    ** KCE is expected to be commissioned on site in Q4 CY22
    ** Shares are down 17.9% YTD as of last close 



    
    
        



($1 = 1.4235 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((john.biju@thomsonreuters.com))