PriceSensitive

Pure Hydrogen (ASX:PH2) sees 96pc increase in Serowe 2C resource

ASX News, Energy
ASX:PH2      MCAP $39.43M
12 April 2022 12:53 (AEST)

Crew after drilling at Serowe 5. Source: Pure Hydrogen

Pure Hydrogen (PH2) has announced a resource upgrade for the Serowe coal seam gas (CSG) project in Botswana.

The Serowe Project is held in a joint venture with Botala Energy who is also the operator of the project. Pure Hydrogen is free-carried on the first $6 million expenditure at Serowe.

The clean energy company received third party certified 2C resources of 315.7 billion cubic feet, up 96 per cent from the 160.63 bcf 2C resource announced in November 2021.

Of the 315.7 bcf, 161 bcf is net to Pure Hydrogen who currently owns a 51 per cent stake in the project.

The estimates of contingent resources for the Serowe project were prepared in accordance with the 2018 Petroleum Resources Management System and include 1C 237.5 bcf, 2C 316.7 bcf and 3C 395.9 bcf.

Over the course of this year, Botala will conduct flow-testing of the Serowe-3 well with preparations currently underway, a multi-well CSG pilot and a multi-well appraisal drilling program.

The flow-test will be conducted first and the results will be used to design, drill and complete a long-term test program on a multi-well pilot program in the third quarter.

The Serowe-3 flow test and pilot are designed to demonstrate commercial gas to potentially upgrade the 2C resources to saleable reserves.

Company shares were up 1.04 per cent to trade at 48.5 cents at 12:17 pm AEST.

Related News