• Significant concentrations of hydrogen and helium have been encountered in sections of the Ramsay 1 well, confirming historic measurement and demonstrating an active hydrogen system in the Ramsay Project area.
  • Testing and laboratory results measured air-corrected hydrogen at 73.3% at 240m below ground level, consistent with the 76% air-corrected concentration of hydrogen reported in the Ramsay Oil Bore 1 in 1931. These measurements validate historical results, and confirm the presence of a hydrogen play at shallow depths in the Ramsay Project area.
  • A major connected fracture zone was encountered in the Parara limestone, which is key for the migration of hydrogen from deeper sources to shallow zones.
  • Helium was also detected with an air-corrected content of 3.6% at 892mMD depth. This is a relatively high concentration of helium which is a rare and valuable resource, and if found in commercial grades and quantities, could be a significant value-add to the Ramsay Project. Globally there are projects producing helium at < 1% due to its high commercial value.
  • The Ramsay 1 well was drilled to a depth of 1,005m on time, under budget and with no HSE incidents.
  • Following the suspension of the Ramsay 1 well, and whilst drilling and sampling results continue to be analysed and further testing is being considered, the Company is preparing to drill the Ramsay 2 well to further appraise the Ramsay Project’s Prospective Resource (refer Table 2). The Ramsay 2 well is expected to spud in mid-November.
  • Managing Director Neil McDonald hailed the test results: “It is incredibly exciting that we have replicated the results of 100 years ago at 240m. With the additional find of helium, which could be a significant value-add to the project, we view these results as being better than planned.”

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