Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC; JLM:FSE) announced three important developments, seemingly ignored by the market, during this month of September, Atrium Research analyst Nicholas Cortellucci in a Sept. 26 research note.
Good time to buy
Accordingly, Atrium reiterated its CA$0.50 per share target price on the Canadian energy company, now trading at CA$0.255 per share, Cortellucci noted.
The difference between the current and target prices implies a significant return for investors, of 96%.
Cortellucci also pointed out that Jericho's stock price is down 23% from its high of CA$0.33 per share in July, despite ongoing positive news since.
"We view the pullback as a buying opportunity ahead of boiler sales orders," the analyst added.
Jericho remains a Buy.
New catalyst lasts longer
Most recently, durability testing on H2U's new iridium-free catalyst showed strong results, Cortellucci reported. H2U is Jericho's portfolio company of which it owns 6.5%.
Testing showed the new catalyst has a projected lifetime of 25,000 hours, which compares to the 1,000−1,500 hours with current iridium-free catalysts. Thus, H2U's catalysts are projected to last at least six years when used for certain applications. Testing involved operating the new catalyst continuously for 4,000 hours and at a 10 times higher density.
"[These results] represented a significant milestone on H2U's path to addressing bottlenecks in the sustainable hydrogen supply chain that uses proton exchange membrane electrolyzers," Cortellucci wrote.
Green hydrogen supplier secured
In other news, reported Cortellucci, Jericho's partner in the European Union, Exogen, signed a memorandum of understanding on Sept. 19 with Lhyfe SA, a green hydrogen producer and supplier. Lhyfe will supply Exogen with hydrogen for its hydrogen steam plant, equipped with Hydrogen Technologies' zero-emissions DCC boiler.
"Lhyfe also plans to build and operate green hydrogen production facilities for the combined product offering," noted Cortellucci.
Another patent received
Lastly, on Sept. 12, Hydrogen Technologies, developer of the DCC boiler, was granted another patent in the U.S. for it, reported Cortellucci. Two other related patent applications are pending with the U.S. Patent and Trademark Office.
What to watch for
Along with orders for the DCC boiler, Cortellucci indicated that near-term stock catalysts include drill results and production growth from its joint venture oil and gas assets in Oklahoma as well as any funding awards by government.
| Want to be the first to know about interesting Alternative - Cleantech and Oil & Gas - Exploration & Production investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
