SYDNEY: Buru Energy Limited (ASX:BRU) has finalized agreements with Koloma Australia Pty Ltd for the sale of its geologic hydrogen-focused subsidiary, 2H Resources Pty Ltd (2HR), and non-core exploration assets in Western Australia’s Canning Basin. The deal, worth up to $2 million, includes an initial $1 million payment and additional staged payments tied to license conversions.
Under the Share Sale and Purchase Agreement (SSPA), Koloma acquires 2HR’s portfolio, which includes hydrogen and helium exploration licenses in South Australia, Tasmania, and Western Australia. Buru retains an option to buy back a 30% stake—or up to $100 million—in any future hydrogen discovery by 2HR.
The Asset Sale and Purchase Agreement (ASPA) covers select Canning Basin blocks, with Koloma paying $250,000 upfront. Both transactions, effective July 1, 2025, are pending regulatory approvals.
Buru CEO Thomas Nador said the divestment aligns with the company’s focus on its Rafael Gas Project. Koloma’s Dr. Trey Meckel highlighted plans to advance natural hydrogen exploration in Australia.
Koloma, a U.S.-based leader in geologic hydrogen, established its Australian arm after a $23.8 million capital raise in February 2025.