Australia's Province Resources drops 40% as deal with TotalEnergies unit collapses

Province Resources

07/03/2023 02:53

** Shares of Province Resources  PRL.AX  drop as much as
40.7% to A$0.032, their worst day since Feb. 18, 2021
    ** Says a deal with Total Eren Australia, partially owned by
TotalEnergies  TTEF.PA , to jointly develop a green hydrogen
project had collapsed 
    ** The HyEnergy Project, a renewable green hydrogen project
in Western Australia, will progress without Total Eren's
involvement
    ** PRL, Total Eren unable to reach an agreement on the
project's development before the term sheet expired on Feb. 16 
    ** Stock hits lowest level since Feb. 12, 2021
    ** Trading volumes near 16 times the 30-day average, with
over 25 mln shares traded so far
    ** As of last close, PRL down 10% YTD

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))