Jericho Energy Explores Spin-Off & Separate Listing Of Hydrogen Platform

Source: www.gulfoilandgas.com 4/17/2024, Location: North America

Jericho Energy Ventures Inc. ("Jericho", "JEV" or the "Company"), a diversified energy company, is pleased to announce that it has commenced a strategic process to explore the spin-off and separate listing of its Hydrogen platform (the "Proposed Spin-Off").

The objective of the Proposed Spin-Off is to create two independent, streamlined, pure-play companies focused on becoming leaders in their respective markets. Each of the businesses would have a clear focus, an appropriate capital structure, a distinct and compelling investment thesis, and focused investments across its portfolio to deliver superior results.

"Jericho's decision to pursue the Proposed Spin-Off and separate listing of its Hydrogen platform reflects its strategic commitment to meet the evolving demands of the energy market, all while striving to optimize shareholder returns. This initiative intends to create two agile, specialized companies, enabling them to pursue their unique strategic objectives and position themselves advantageously for sustained growth, profitability, and heightened investor appeal," remarked Brian Williamson, CEO of Jericho Energy Ventures. "Should this process come to fruition, we believe existing JEV shareholders stand to benefit from the growth prospects of owning both pure-play H2 and Oil & Gas enterprises, with each focused on maximizing value and becoming a leader within its sector."

While Jericho is actively exploring the Proposed Spin-Off and separate listing of its Hydrogen business, there are no guarantees regarding the terms, timing or completion of this process. If the Company is successful in effecting the contemplated Proposed Spin-Off transaction on favorable terms, the shares of Jericho Energy Ventures, representing its oil and gas business, would be expected to remain listed on the TSX Venture Exchange under the symbol JEV. The Company intends to provide further updates if and when material developments in this strategic process occur.


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