GRV update on farm-in agreement for Helium and Hydrogen Project, NT

Project Name: Helium and Hydrogen Project

Project Location: Northern Territory (NT), Australia

Project Stage: Advanced Exploration

ProjectBank Summary: Greenvale Energy Limited (ASX: GRV) announced an update regarding the Farm-in Agreement with Mosman Oil and Gas Ltd (AIM: MSMN) to acquire a high-grade helium, hydrogen, and hydrocarbon opportunity in the Amadeus Basin. The agreement, initially conditional on Ministerial consent, has had its end date extended from 31 January 2024 to 31 March 2024. Greenvale will reimburse government and development costs incurred until the completion of the transfer, subject to approval by Greenvale. The next steps involve the Northern Territory government's assessment and Ministerial approval, anticipated imminently following the payment of stamp duty.

Greenvale Energy Highlights:

• Farm-in Agreement with Mosman Oil and Gas Ltd:

  • End date extended to 31 March 2024.

  • Greenvale will reimburse approved costs incurred by Mosman.

• Progress on Acquisition:

  • Stamp duty paid and agreements stamped.

  • Awaiting Northern Territory government and Ministerial approval.

• Next Steps:

  • Acquisition of seismic data in 2024.

  • Identification of ideal drill locations for testing helium, hydrogen, and hydrocarbon potential.

MD/CEO Statement: Mark Turner, CEO of Greenvale, commented: "Both parties are keen to complete the proposed transaction in-tact and the entering of a Deed to extend the term and allow for Greenvale to be part of the approval expenditure process for costs associated with the work program which will keep us on track to acquire seismic in 2024 and identify the ideal drill location to test the helium, hydrogen and hydrocarbon potential in this area."

Authorised for release: This announcement has been approved by the Board of Greenvale for release.