Join our daily newsletter At The Bell to receive exclusive market insights
- Gold Hydrogen (GHY) inks international drilling and service contracts with SLB and Savanna Energy to continue exploring its maiden Ramsay project in South Australia
- Savanna Energy will provide drilling services for the exploration well, while SLB’s involvement builds on two years of geological support
- Flagging of key locations for the first natural hydrogen-focused exploration well in Australia are in place, along with land access agreements
- GHY expects approvals from the Department of Energy and Mines in September to kick off drilling this October and plans to accelerate the design of a second well
- GHY shares are up 6.38 per cent, trading at 25 cents at 1.01 pm AEST
Gold Hydrogen (GHY) has inked international drilling and service contracts with SLB (formerly Schlumberger) and Savanna Energy to continue exploring its maiden Ramsay project in South Australia.
The company has flagged key locations for the first natural hydrogen-focused exploration well in Australia and has secured all land access agreements.
Savanna Energy will provide drilling services for the exploration well which has been designed to replicate the results of the historic Ramsay Oil Bore 1, which displayed natural hydrogen purity grades up to 89 per cent.
Savanna Energy has extensive international and domestic experience in drilling minimal disturbance conventional and unconventional wells in prime agricultural areas of Queensland.
This is promising for Gold Hydrogen, which believes the minimal disturbance style of drilling will mitigate any surface disruptions and potential impacts within the local community.
SLB’s involvement builds on two years of geological support, including mud logging, wireline services and cementing services for wells.
GHY announced it expects to receive additional contracts from affiliated services in the coming weeks, and it has submitted the required approvals to the Department of Energy and Mines, which are expected in September.
Following the procurement of drilling supplies and the retrieval of all approvals, the company intends to commence drilling in October and is planning to accelerate the design of a second hydrogen well.
GHY shares were up 6.38 per cent, trading at 25 cents at 1.01 pm AEST.
