Highlights:
- Hydrogen and Helium concentrations at surface. The Company understands that this has
not been achieved before, and would be an international first for a non-petroleum system.
- Helium concentrations in gas at standard conditions extracted from water, with third-party
interim laboratory results of up to 20% to 25% purity (50,000 times the concentration in the
atmosphere) and which is among the highest reported. Testing is ongoing.
- There is current and historical evidence that confirms the presence of both Natural
Hydrogen and Helium in numerous locations across PEL 687 (per Figure 1).
- Initial Stage 2 exploration testing shows very promising and increasing purities of both
Natural Hydrogen and Helium being detected at surface as the Ramsay 1 and 2 wells are
dewatered. (Refer Figure 2 for Hydrogen in the Ramsay 2 well).
- The acquisition phase of the Ramsay 2D seismic program is completed, and initial results
show the data to be suitable for selecting future well locations on a regional basis for the
ongoing drilling program.
- In conjunction with our Australian advisors, Gold Hydrogen and Mizuho (a leading global
Japanese Bank) have signed a non-binding MOU to establish a framework for the
development of their relationship, including the consideration of future advisory
assignments and the cooperative promotion of Natural Hydrogen and Helium usage.
Mizuho has a number of Japanese energy industry clients with global operations that are
interested in a range of issues associated with the discovery, usage and ESG / sustainability
benefits of Natural Hydrogen and Helium.
Gold Hydrogen Managing Director, Neil McDonald said: “We successfully continue our efforts to confirm
that potentially extensive quantities of both Natural Hydrogen and Helium in world class purities exist over
only a portion of this permit, and we believe this will be extended to larger portions of our permitted area
as outlined in the historical data. To have an initial world first to see Hydrogen and Helium to surface is
very exciting for our further ongoing exploration and drilling programs in even better locations. Our results
to date only confirm the global interest our project has been receiving, and why we are very proud to be
working with Mizuho Bank with their global clients’ interests in both Natural Hydrogen and Helium.”
The Directors of Gold Hydrogen Limited (Gold Hydrogen, ASX: GHY, the Company) are pleased to provide
the following operational and commercial update. The Company’s project related activities are currently
focused on its groundbreaking Ramsay Project on the Yorke Peninsula, prospective for both Natural
Hydrogen and Helium.
Further Detail:
Relationship with Mizuho Securities of Japan
In the last months the Company attended investor and technical / industry related conferences in
Adelaide, Perth, and Tokyo, Japan.
Mizuho Securities (Mizuho) is a leading global Japanese corporate bank, and has been promoting Gold
Hydrogen to existing global Japanese Energy companies. The Japanese documentary about Natural
Hydrogen, partly filmed in South Australia, and featuring Gold Hydrogen (amongst other industry
participants) was released in Japan during the June 2024 quarter. As a result of this documentary, and the
Company’s attendance at the Japan Energy Summit, a relationship was established with Mizuho to manage
multiple inquiries from Japanese Energy Companies for future investment into the Gold Hydrogen and its
projects.
Gold Hydrogen and Mizuho have now signed a non-binding MOU to establish a framework for the
development of their relationship, including the consideration of future advisory assignments and the
cooperative promotion of Natural Hydrogen and Helium usage. Mizuho has a number of Japanese energy
industry clients with global operations that are interested in a range of issues associated with the
discovery, usage and ESG / sustainability benefits of Natural Hydrogen and Helium.
Early Gas Analysis Results Show High Helium Purity of 20% to 25% – 50,000 Times More Than for
Atmosphere
A leading internationally recognised laboratory has reported to the Company its preliminary compositional
measurements from gas dissolved in water samples taken from the Helium zone in Ramsay 2, which show
Helium levels in the order of 50,000 times the concentration of Helium in the atmosphere. Subject to
confirmation in the finalised reports, this would equate to purity levels of 20% to 25% Helium and would
be among the highest levels of Helium measured from dissolved gas. Refer Appendix A for Listing Rule
5.30 disclosure requirements.
Status of Ramsay 2D Seismic Survey
The primary objectives of the Ramsay 2D regional seismic program are to assist in the delineation of
potential Natural Hydrogen and Helium accumulation(s), and to support the identification of future drilling
targets on the Yorke Peninsula. Results from historical well core sample fluid inclusion analysis confirms
that both Natural Hydrogen and Helium are present across the Yorke Peninsula and Kangaroo Island (PEL
687) as outlined below in Figure 1.
The data acquisition phase of the Ramsay 2D seismic survey has been completed with 575km of 2D seismic
lines recorded. The data is currently undergoing processing.
Once analysed, the data from the 2D seismic survey, when combined with the Company’s other data sets
such as the airborne survey data, soil-gas survey data, historical offset well data, and the Ramsay 1 & 2
drill log data and flow test data, will assist the Company in planning future well locations and well designs.
Commencement of Stage 2 Exploration Well Testing – Ramsay 1 & 2 Exploration Wells
Initial Stage 2 exploration testing results indicate increasing levels for purities of both Natural Hydrogen
and Helium are being measured. As depicted in Figure 2 for Hydrogen in Ramsay 2, the shallow Hydrogen
zone is showing an increasing trend for daily recorded levels of Natural Hydrogen (corrected for air
contamination) at surface. Testing on Ramsay 1 commenced seven days after Ramsay 2, and the Company
has been focussing on the Helium zone down hole. The compilation and verification of the data recorded
to date is ongoing whilst testing continues.
Ramsay 1 is dewatering the deeper Helium zone, and gas from the produced water in the separator at
surface, and the preliminary data to be verified, show significant and increasing purity levels of Helium.
Ramsay 2 is dewatering the shallow Hydrogen zone, and results being recorded highlight the increasing
levels of Natural Hydrogen (refer blue line in Figure 2) measured from the annulus at surface. Refer
Appendix A for Listing Rule 5.30 disclosure requirements.
These are interim results, but they are highly encouraging for the future of the Ramsay Project, as it is
likely that future wells to be drilled in more optimal locations will demonstrate the potential for further
improved gas flow and / or purity results.
In this phase of testing, we have identified some isolated formation water in several zones of high
permeability. We are managing this produced formation water in line with the Environmental Approval
Conditions issued by the State Government.
First Key Step on the Journey to Future Commercialisation
The Company is of the view that the Ramsay Project contains significant prospective resources of both
Natural Hydrogen and Helium (refer Tables 1 & 2), with large scale potential that it is aiming to
commercialise over time.
There is very little data available for dedicated Hydrogen wells anywhere in the world due to the lack of
analogue wells. Accordingly, there is inherent uncertainty with regard to the expected outcomes of the
Ramsay 1 and Ramsay 2 exploration well testing program.
To the Company’s knowledge, the only Natural Hydrogen field currently in production is located in Mali,
West Africa, where Natural Hydrogen production is used to power the small town of Bourakebougou. It
has been reported that the Natural Hydrogen wells in Mali do not have any decline in production and are
continually regenerating and producing at the same rate.1
Helium is extremely valuable and indicatively, longer-term bulk pricing is expected to approximate USD450
per Mcf (thousand cubic feet).2
Natural Hydrogen has a high energy content and extracting it even in small quantities may prove
commercial for localised applications. Furthermore, given that Helium was also found within both the
Ramsay 1 and Ramsay 2 wells, being able to extract and process both gases in small quantities may provide
potential short-term commercial and / or proof of concept opportunities to help progress the Ramsay
Project. The Company’s activities to date represent the start of a very exciting technical journey and is not
dissimilar to the eventual success of existing world-renowned oil and gas energy projects, which took time
to reach their full potential.
Results from the testing program will provide the Company with valuable information for future drilling
and well completion designs, for the future pilot program, and longer-term commercialisation planning.
Important Risk Commentary
It is important to note that there remain both geological and potential development risks associated with
the Ramsay Project and the Company’s commercial and business objectives. These risks relate to the
presence, recovery and potential volumes of both Hydrogen and Helium, but also due to the location of
the resource within agricultural areas and the proximity to National Parks on both Yorke Peninsula and
Kangaroo Island, requiring significant landholder and community engagement. The worldwide, Federal
and South Australian Government and industry efforts to secure Hydrogen as an alternative energy source
provides confidence that any technical and social concerns may be overcome.