Completion of Stage 1 Well Testing: Interim Results for Ramsay 1 and Ramsay 2 Confirmed:

  • World-Leading Purity Levels:
    • Natural Hydrogen: Purity levels up to 95.8% H2 (air corrected) across 7 zones with the highest recorded at 531m depth.
    • Helium: Previous air-corrected purity levels up to 17.5% He, with potential for higher purity levels to be confirmed in Stage 2 testing to help further understand the significant helium spikes during initial testing as per the log image in Annexure 1.
  • Successful Downhole Pressure Confirmation:
    • Natural hydrogen and helium flowed to the surface, achieving the primary objective before formation water encroachment impeded further flow testing. This is a crucial result ahead of Stage 2 testing program discussed below.
  • Hydrogen Extraction Across All Tested Zones:
    • Seven zones tested in Ramsay 2 (250m to 1000m) confirmed natural hydrogen brought to the surface, validating purity levels from Ramsay 1 and 2, as well as the original 1931 Ramsay Oil Bore results.
  • Helium Extraction from 180m Thick Pay Zone:
    • Helium was extracted from a 180m thick pay zone in the Kulpara Dolomite section at depths from 612m to 777m in the Ramsay 2 well. This 180m zone has shown significant helium spikes during initial testing as per the log image in Annexure 1.
  • Ongoing Composition Testing and Analysis:
    • Extensive testing and sampling in conjunction with CSIRO, SGS, and Petro Lab. Samples have been sent for specialist composition and isotopic analysis to world- leading laboratories in Australia and overseas. Further updates on technical analysis will be provided as they become available.
  • Confirmed High Permeability:
    • Unexpectedly high permeabilities were demonstrated in the Kulpara dolomites and within fractures of the Kulpara and Parara limestones, indicating the formations are permeable and producing fluids and associated gas after a period of shut-in. This is a significant de-risking milestone for the Company.
  • Next Stage of Testing:
    • Based on promising Stage 1 results, the Company will proceed to an extendedexploration well testing program. This includes flow testing both Ramsay 1 (open hole) and Ramsay 2 (cased and perforated) to understand future well performance. Stage 2 will involve installing a downhole pump to remove formation fluid (water) while monitoring gas rates and composition at the surface. Success in this phase will help determine potential flow rates and accumulation metrics, optimize future well designs, and contribute to the design of a proof-of-concept Natural Hydrogen and Helium pilot plant. It should be noted that due to the pioneering nature of the project works to date, any further detection of free-flowing gas to surface will be highly encouraging for the future of the Ramsay Project, bearing in mind that future wells are likely to be drilled in more optimal locations.

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