Gold Hydrogen Ltd (GHY)

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Stage 1 Interim Exploration Well Testing Update

27 May 2024 8:55 AM. Original PDF: Open PDF | 12 Pages

Gold Hydrogen Limited reports on their Ramsay Project, highlighting significant findings from Stage 1 Well Testing, including high purity levels of natural hydrogen and helium.

Summary

• Gold Hydrogen Limited completed Stage 1 Well Testing for Ramsay 1 and 2 wells.
• Natural Hydrogen purity levels reached up to 95.8% (air corrected).
• Helium purity levels were up to 17.5% (air corrected).
• Testing showed high permeability in the formations.
• Stage 2 testing is planned to commence in early Q3 2024.
• A large scale regional 2D seismic acquisition project will start in June 2024.

Highlights

• Natural Hydrogen purity levels up to 95.8% H2.
• Helium purity levels up to 17.5% He.
• High permeability demonstrated in tested formations.
• Stage 2 testing to start early Q3 2024.
• Large scale regional 2D seismic acquisition to begin in June 2024.

Positives

• High purity levels for both Natural Hydrogen (95.8%) and Helium (17.5%).
• Confirmation of high permeability in formations.
• Stage 2 testing planned to further validate findings.
• Large scale seismic acquisition project contracted.

Negatives

• Formation water encroachment impeded further flow testing.
• Some results from isotopic analysis expected to take several months.
• Inherent uncertainties due to lack of data on dedicated Natural Hydrogen wells.

Key Dates

• 27 May 2024: ASX Announcement
• Early Q3 2024: Planned start of Stage 2 testing
• June 2024: Start of large scale regional 2D seismic acquisition project

Alerts

• Contains better than expected results: yes
• Contains worse than expected results: no
• Contains expected results: no
• Sentiment: positive