Metgasco Limited (ASX:MEL) entered into binding term sheet agreement to acquire Patriot Hydrogen Pty. Ltd. on August 16, 2022. Patriot has a framework agreement, including Australian market exclusivity undertakings, with a regional technology partner to develop hydrogen production projects in Australia, with proven market demand. The acquisition forms part of Metgasco's diversification strategy, delivering a sustainable, commercially attractive and carbon net zero opportunity while potentially offsetting emissions associated with the company's core natural gas production assets. The transaction is subject to approval by shareholders of Metgasco Limited.

Metgasco Limited (ASX:MEL) cancelled the acquisition of Patriot Hydrogen Pty. Ltd. on November 10, 2022. The transaction is being cancelled as conditions precedent for the transaction are not being met.