Specialist CCS Developers Win CO2 Acreages Offshore Australia & Partners with J-POWER

Greenhouse Gas Assessment Permit (“GHG Acreages”) in the Bonaparte and Browse Basins have been awarded to deepC Store and Azuli International, who simultaneously entered into a Joint Study Agreement for a strategic partnership with J-POWER, cementing the likelihood that this will comprise a commercial-scale Australian sequestration opportunity for CO2 volumes from Japan and Australia as well as the surrounding region.

deepC Store Pty Ltd (headquartered in Perth, Western Australia; Daein Cha, Managing Director; “deepC Store”) and Azuli (Australia) Pty Ltd (headquartered in Perth, Western Australia; Ralph Cowan, Director; “Azuli”) (collectively the “Parties”) have been awarded two GHG Acreages offshore Australia comprising blocks GHG23-1 and GHG23-2. The Parties have also entered into a Joint Study Agreement for a strategic partnership with Electric Power Development Co., Ltd. (headquartered in Chuo-ku, Tokyo; Hitoshi Kanno, President; “J-POWER”) by which J-POWER intends to become a joint venture participant in the GHG Acreages, which have the potential to permanently store up to 1 giga (billion) tonne of CO2. The Parties and J-POWER intend to develop a full value chain project from liquified CO2 (“LCO2”) receipt at locations in Japan and Australia as well as surrounding region, with the LCO2 transported by ship to floating storage and injection (“FSI”) facilities in Australian waters.

The GHG Acreages are both located in Commonwealth waters offshore Australia some 200-250km off the Northwest coast. The GHG Acreages awarded to dCS and Azuli are as identified in pale green.