-- Vulcan Energy (ASX:VUL) said drilling at its sixth well in the Lionheart Field Development Plan (LSC-2) progressed during the quarter, with well pad construction commenced at the company's fourth production well site, according to a Thursday Australian bourse filing.
Construction of the interconnected pipeline and power infrastructure from well infrastructure to the geothermal and lithium extraction plant is underway in parallel with tendering, procurement, and engineering activities, with bulk earthworks commenced and relocation of overhead power lines progressing, the filing added.
Conditions precedent required to achieve financial close for the debt and strategic equity of the Lionheart financing package were "significantly" progressed during the reporting period, the company added.
The company's shares fell 2% in recent Thursday trade.