Positive signs from fourth well

Our pre-Christmas drilling campaign on the Yorke Peninsula has been completed – and the results are very encouraging ahead of the more important work planned in Q1 next year.

Ramsay 4, our fourth well, was drilled to a total depth of 855m, about 500m away from our initial two wells, Ramsay 1 and 2.

Ramsay 4 drilling has been completed.

Perhaps the most encouraging thing we’ve found so far from the two new wells (Ramsay 3 was drilled in November, 2.5km away from the first ones), is the distinct similarities between our reservoir properties and what we see in global gas field developments. We have benchmarked both our natural hydrogen and helium reservoir properties against successful developments elsewhere where commercial flow rates have been achieved.

We’re still waiting for the key test results on multiple samples sent from Ramsay 4 to independent laboratories, but can say the formation evaluation has a strong lateral correlation with the formations at Ramsay 1 and 2, reinforcing the potential for a significant hydrogen and helium resource base.

Data shows Ramsay 4 penetrated similar formations in the Kulpara dolomite and Winulta sandstone sections where helium concentrations up to 36.9% (air and nitrogen corrected) were seen from Ramsay 1. That’s particularly good news.

Both new wells have been suspended over the holiday break. We will be back late in Q1 next year for further testing, using specialised technology that aims to optimise gas to surface. These are important tests that will likely form the basis for a pilot study and a Ramsay field development plan.

We wish all our shareholders and supporters a great Christmas break and thank them for their patience.

Investors know exploration is not a quick game, but the work we have done this year, and the investment and support of our strategic partners, is getting us significantly closer to unlocking a near zero-carbon energy source the world needs.