HIGHLIGHTS FOR THE MARCH QUARTER
- Mean estimate of 96 billion cubic feet (Bcf) of Helium over approximately 25% of the Ramsay Project area (PEL 687), which, if replicated across the tenement, would potentially make this a world-class Helium project. See Table 1 below for full details, including the high, low and best estimates. The Company notes that the estimated quantities of Helium that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable Helium.
- Exploration well testing operations, which are pioneering for both Natural Hydrogen and Helium in a non-petroleum system, commenced on 5 March 2024 at the site of the Company’s successful Ramsay 1 and Ramsay 2 exploration wells.
- The objectives of the exploration well tests are to obtain more samples of both Natural Hydrogen and Helium for further specialist isotopic and compositional analysis in world-leading laboratories, and to extract both Natural Hydrogen and Helium to surface.
- Initial results from the exploration well testing program confirm an air-corrected Helium result of 17.5% taken from an MDT sample at a depth of 778m in Ramsay 2. Details in body of report.
- Stage 1 of the well testing operations have now been completed on-site, with laboratory testing and analysis of samples ongoing. A second stage of extended well testing is currently in advanced planning.