Gold Hydrogen Limited - Quarterly Activities Report - September 2024
GHY (GHY) Share Update October 2024 Friday 25th
Gold Hydrogen Limited Announces Breakthrough in Hydrogen and Helium Exploration
Gold Hydrogen Limited (ASX: GHY) has announced remarkable results from its Stage 2 well testing, marking a significant milestone in the exploration of natural hydrogen and helium in South Australia.
Instant Summary:
- Successful measurement of hydrogen and helium concentrations at surface.
- Helium purities up to 36.9% recorded, an international first for a non-petroleum system.
- Completion of Ramsay 2D seismic program data acquisition.
- Potentially significant natural hydrogen and helium resources identified in PEL 687.
Exploration Success
Gold Hydrogen Limited has achieved a significant breakthrough in the exploration of natural hydrogen and helium, with Stage 2 well testing revealing unprecedented helium purity levels of up to 36.9% at the Ramsay Project in South Australia. This marks an international first for a non-petroleum system, positioning Gold Hydrogen at the forefront of this emerging sector.
The company's exploration efforts have been focused on the Ramsay 1 and 2 wells, where increasing purities of both natural hydrogen and helium were measured at surface as the wells were dewatered. The Ramsay 2 well recorded natural hydrogen purities up to 95.8% across multiple zones, with the highest concentration at a depth of 531 meters.
Seismic Program and Future Plans
During the September quarter, Gold Hydrogen completed the data acquisition phase of the Ramsay 2D seismic program, covering approximately 575 kilometers. Initial analysis suggests the data will be instrumental in selecting future well locations for the company's 2025 drilling program.
The company is now planning a new drilling and data acquisition campaign to further delineate the Ramsay natural hydrogen and helium accumulation. This will involve multiple wells targeting various pay zones, with the aim of demonstrating the commercial production potential of these resources.
The successful well testing results and high helium purity levels are likely to positively impact Gold Hydrogen's stock, as they demonstrate the company's potential to tap into valuable natural resources. The findings could attract investor interest and support the company's future exploration and development plans.
Investor Reaction:
Analysts are expected to react positively to the announcement, given the high helium purity levels and the potential for commercial production. The results could enhance investor confidence in Gold Hydrogen's exploration capabilities and its strategic position in the hydrogen and helium markets.
Conclusion:
Investors should keep a close eye on Gold Hydrogen's upcoming drilling programs and the final results from the Ramsay Project. The company's strategic advancements in natural hydrogen and helium exploration could offer significant opportunities for growth and value creation.