Prominence Energy (ASX:PRM) Managing Director and CEO Alex Parks joins Proactive’s Stephen Gunnion and details how the company is expanding its position in the global energy market.
The Perth, Australia-based company has a diversified portfolio that includes oil and gas projects primarily in the US, as well as underground salt cavern storage ventures in Australia and a uranium recovery project in Kazakhstan through an investment in startup Umine.
The company is actively seeking partnerships to develop its major Big Apple gas prospect in the Gulf of Mexico and a small oil project in Louisiana with the goal of transitioning to a low-carbon future.
It invested in Ecossaus, a pre-IPO company focused on developing salt caverns to store hydrocarbons or hydrogen, and took a 20% stake in Umine, which aims to recover Kazakhstan’s Soviet-era uranium reserves.
The recent $1.55 million capital increase will further support these initiatives, particularly the development of the Big Apple gas prospect in the Gulf of Mexico.
Prominence Energy’s strategy reflects the fusion of developing traditional energy resources while positioning itself for the future energy transition.