Key Highlights:

  1. Completion of Ramsay 2 Well:
    • On 1 December, 2023, Ramsay 2 achieved its final Total Depth (TD) of 1068mMD. Logging operations have been successfully completed, and casing has been securely cemented in place.
  2. World-Class Helium Concentrations of 6.8%:
    • Drilling results reveal very high helium concentrations, reaching up to 6.8% in raw gas from the Kulpara Formation.
    • These values would potentially make the Ramsay Project a world-class helium project if they were replicated across the tenement.
    • Exploring for helium in a non-petroleum system is groundbreaking, and flow testing of completed wells will ultimately be required to confirm helium concentrations, flow rates, and thus commerciality.
  3. Robust Testing Protocols:
    • Samples were meticulously collected down the well. Schlumberger (now SLB) conducted the tests, and independent validation by a specialized third-party laboratory ensures the credibility of results.
  4. Comparative Excellence:
    • Globally, commercially producing helium at less than 1% is commonplace.
  5. Comprehensive Analysis:
    • In the drilling process, the testing equipment detected both hydrogen and helium. Additional mud gas samples were extracted from key target zones. Ongoing analysis by a specialized third-party laboratory is underway to further confirm the integrity of the results and enhance our understanding of the helium system.
  6. Exploration Potential:
    • Despite being only the second well in the Company’s exploration program, multiple data points throughout the drilling campaign indicate the potential for a significant helium reservoir and a prolific helium system at the Ramsay project site, complementing the established hydrogen play. Subsequent exploration, analysis and future flow testing will provide a clearer picture of this promising opportunity.

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