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Prominence Energy (ASX: PRM) has taken a major step forward in its South Australian natural hydrogen and helium strategy, with an independent assessment identifying more than 200 billion cubic feet of prospective hydrogen resources at its Eyre Project.
The company has received a maiden Prospective Resources assessment from independent consultant RISC Advisory, which has estimated 202.8 billion cubic feet of hydrogen and 9.2 billion cubic feet of helium on a best-estimate, or 2U and P50, unrisked basis.
RISC assessed 15 separate exploration leads across the Eyre Project, spanning several geological plays and including targets where multiple exploration objectives may be stacked within the same area.
That gives Prominence flexibility as it moves towards drilling, allowing the company to compare targets based on their potential resource size, geological evidence, exploration risk and the practicalities of drilling multiple objectives from a single location.
There is also significant upside within the broader resource range. On a high estimate, or 3U/P10 basis, the Eyre portfolio contains an aggregate 491.6 Bscf of prospective hydrogen and 32.3 Bscf of helium.
Five of the larger individual 2U target estimates account for around 56% of the aggregate resource, led by Lead 2_15 with 33 Bscf of hydrogen and 1.50 Bscf of helium.
Lead 3_2 follows with 24.2 Bscf of hydrogen and 1.11 Bscf of helium, while the Eocene sandstone targets Lead 2_7 and Lead 2_2 have estimated 20.1 Bscf and 19.1 Bscf of hydrogen, respectively.
The assessment builds on a growing body of geological work undertaken across the project, including Prominence’s soil-gas sampling, Sentinel-2 satellite studies, gravity and magnetic inversion, structural interpretation, and South Australian Government geological, mineral and groundwater datasets.
RISC’s assessment identified several geological settings considered prospective for hydrogen and helium, including Eocene channel and sandstone targets, fractured granite basement and fractured sandstone plays.
The company says some of the leads contain stacked objectives, meaning a single exploration well could potentially test more than one target horizon. That could become an important consideration as Prominence works through its drilling strategy.
Prominence is now moving into target ranking, detailed drilling engineering and cost assessment as it prepares for a potential multi-well exploration campaign targeted for mid-2027.
The company has previously indicated preliminary costs of around $5 million could potentially fund three exploration wells, or two wells alongside additional seismic work, although updated engineering and cost estimates are due in October.
Alongside technical planning, Prominence intends to begin preparing for a potential farm-out process and assess strategic partnerships or alternative funding structures.
The company’s aim is to bring third-party capital and expertise into the exploration program while potentially reducing its own direct funding requirement and retaining exposure to the project.
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