Hyon has secured a new strategic direction through a Share Purchase Agreement (SPA) with Blue Concept. The deal entails acquiring 19.5% of shares from UK-based oil & gas firm, Rapid Oil Production (Rapid).
Pursuant to the SPA, the resultant shared ownership structure would see Blue Concept trade its Rapid shares for 73.8% ownership in HYON through an all-share transaction.
The agreement strives to strategically reposition HYON as an enlisted oil company with a combined shareholder base from both HYON and Rapid.
Otto Søberg, HYON Chairman, stated the SPA provides an opportunity for shareholders to capitalize on HYON’s listed company infrastructure. Given the delay in hydrogen market maturity, he sees the transaction as a significant step forward for shareholders amidst the available options.
Geir Aune, Chairman of Rapid and Blue Concept, asserted that this agreement recognizes their successful establishment of a business based on Rapid’s oil & gas assets. It’s an avenue for smaller oil companies and production interests to achieve scale, diversify risk and attract financing.
