On 15 September 2014 the Board of HRL Holdings Limited (ASX: HRL) were pleased to advise that the shareholders of both OCTIEF Pty Ltd and HRL Holdngs Limited voted in favour of merging the two companies. The Board of HRL Holdings Limited is also pleased to welcome Mr Darren Anderson and Mr Kevin Maloney to the Board, both of whom have an outstanding track record in growing shareholder wealth. Their combined experience will offer a very valuable contribution to the HRL Board.
The transaction will see HRL acquire a profitable business with significant growth potential, supplementing its existing exposure to the clean energy industry through the exploration and development of its geothermal projects in Victoria.
The listing of OCTIEF on the Australian Securities Exchange will allow OCTIEF to further expand its business through an enhanced public profile and greater access to capital markets
Acquiring OCTIEF provides HRL with a new opportunity which is based on market strength and revenue potential, while taking into consideration the current regulatory regime heavily dictating and restricting HRL’s further development in the special area of geothermal energy. As a result, the transaction will, given the complementary benefits in combining HRL and OCTIEF, produce significant synergistic benefits.
HRL continues to be engaged in the clean energy industry with the exploration and development of its geothermal projects in Victoria, aiming to produce clean base load power using world best practice. Two Geothermal Exploration Permits (GEP’s 6 and 8) have recently been renewed for a further 5 year term. The proposed work programs include targeting high flow rates from hot water areas in fractured sedimentary aquifers, re-interpreting 2D seismic data, completing 3D seismic surveys, drilling and testing.
OCTIEF currently operates substantially in the energy industry, with numerous projects involving the provisions of services to engineering and environmental sectors. Within these sectors, OCTIEF’s services include environmental consulting, water, air and soil sampling and analysis for hazardous materials such as asbestos, and recommendations for safe management of such containments. These activities are all relevant and applicable in carrying HRL’s work programs during its prefeasibility studies, feasibility studies, financial completion, construction and operations of geothermal sites.
OCTIEF offers a number of specialised environmental services, which includes but is not limited to environmental compliance monitoring, contaminated land, environmental auditing and project management, all of which contribute to geothermal exploration, development and operations.
OCTIEF also work fundamentally within sustainability, which includes providing an understanding, measurement and baseline of the footprint of an organisation including direct and indirect emissions, energy, water and waste.
The sector operation of OCTIEF and provision of services as outlined above, when considered in totality with the operations of HRL, generate a combined company with a focus in the environmental services and clean energy industries.
For more information, please visit www.hrlholdings.com