Gas development company focused on the East Coast of Australia, Real Energy Corporation Limited (ASX: RLE) has released its quarterly update for the period ended 30 June 2020. The report incorporates key details of activities undertaken by the Company during the quarter, which include:
- Establishment of a wholly owned subsidiary Pure Hydrogen Corporation Pty Limited.
- Exploration initiatives centred on the newly secured Project Venus opportunity in the Surat Basin.
- Activities also progressed at the Windorah Gas Project in the Cooper Basin
Subsequent to end-June, the Company entered a binding Scheme Implementation Agreement with Strata-X Energy Limited (ASX: SXA) to pursue a nil premium merger, creating Pure Energy Corporation Limited. The goal of the merger is to create the next ASX energy growth stock.
At the end of June, the Company had $1.6 million in cash with a tight focus on cost control.
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