Prominence Energy: diversifying into the future of energy | News Direct

Prominence Energy: diversifying into the future of energy

Prominence Energy Ltd
News release by Prominence Energy Ltd

facebook icon linkedin icon twitter icon pinterest icon email icon London, UK | March 21, 2024 11:32 AM Eastern Daylight Time


Prominence Energy (ASX:PRM) CEO and Managing Director Alex Parks joins Proactive's Stephen Gunnion with more on how the company is expanding its footprint in the global energy market.

The Perth, Australia-based company has a diversified portfolio that includes oil and gas projects primarily in the US, alongside ventures in underground salt cavern storage in Australia, and a uranium rehabilitation project in Kazakhstan through an investment in startup company Umine.

The company is actively seeking partnerships to develop its large Big Apple gas prospect in the Gulf of Mexico and a small oil project in Louisiana, aiming to transition towards a lower carbon future.

It has invested in Ecossaus, a pre-IPO company focusing on creating salt caverns for hydrocarbon or hydrogen storage, and has taken a 20% stake in Umine, which aims to rehabilitate uranium stockpiles left from the Soviet era in Kazakhstan.

The recent capital raise of $1.55 million will further support these initiatives, particularly the development of the Big Apple gas prospect in the Gulf of Mexico.

Prominence Energy's strategy reflects a blend of developing traditional energy resources while positioning itself for the future energy transition.



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