How Prominence Energy’s 63,663km² Hydrogen Bet Could Reshape Its Future
Prominence Energy has agreed to acquire a vast natural hydrogen and helium exploration portfolio on the Gawler Craton, backed by a $1.75 million capital raise and strategic board appointments.
- Acquisition of 100% interest in nine petroleum exploration licence applications covering 63,663km²
- Focus on natural hydrogen and helium projects in the Gawler Craton, South Australia
- Capital raising of $1.75 million from sophisticated investors including directors
- New board members and senior management appointed to lead exploration and strategy
- Exploration licence grants expected in Q3 2025, enabling maiden drilling programs
A Strategic Leap into Natural Hydrogen and Helium
Prominence Energy Ltd (ASX – PRM) has taken a significant step to position itself at the forefront of the emerging natural hydrogen sector by entering into a binding agreement to acquire 100% of Gawler Group Holdings Pty Ltd. This acquisition delivers control over nine petroleum exploration licence applications (PELAs) spanning an impressive 63,663 square kilometres across the Gawler Craton in South Australia, a region gaining recognition as a world-class natural hydrogen and helium province.
The portfolio is split between the Northern Hinge and Eyre Projects, each covering tens of thousands of square kilometres and featuring geological characteristics conducive to hydrogen and helium generation. Radiogenic granites and uranium deposits within the Eyre Project, alongside geochemical source pathways in the Northern Hinge Project, underpin Prominence’s confidence in the resource potential of these assets.
Backing and Board Strengthening
To fund this transformative acquisition and subsequent exploration activities, Prominence has secured firm commitments for a $1.75 million capital raise from a mix of existing and new sophisticated investors, including $95,000 from current directors. The capital raising will be conducted in two tranches, with a portion subject to shareholder approval.
Complementing the acquisition, Prominence has bolstered its leadership team with the appointment of Dr Mike Fischer to the board, bringing nearly four decades of upstream oil and gas experience and a proven track record in exploration success. Additionally, Marshall Hood joins as Chief Operating Officer, and Krista Davies as Technical Advisor, both with deep expertise in hydrogen exploration and geoscience, poised to drive the company’s maiden exploration programs.
Unlocking Exploration Potential
The Gawler Hydrogen Project’s licence applications are progressing well, with the first offer-to-grant expected in the third quarter of 2025. This milestone will enable Prominence to initiate detailed exploration programs, including geophysical and geochemical surveys, aimed at maturing prospects ahead of drilling decisions.
Prominence’s Chairman, Ian McCubbing, highlighted the strategic importance of this acquisition, noting the surge in global interest and investment in natural hydrogen. He emphasised the company’s substantial leverage to potential success through both organic exploration and the broader market momentum.
Looking Ahead
While the transaction is subject to customary conditions including shareholder and regulatory approvals, the acquisition marks a pivotal moment for Prominence Energy. It diversifies the company’s portfolio beyond conventional oil and gas into clean energy resources with promising environmental credentials, aligning with global energy transition trends.
Investors will be watching closely as Prominence advances its exploration strategy, with the potential to unlock a new chapter in natural hydrogen and helium resource development in Australia.
Bottom Line?
Prominence’s bold acquisition and strengthened leadership set the stage for a defining exploration campaign in natural hydrogen and helium.
Questions in the middle?
- Will Prominence secure all necessary shareholder and regulatory approvals to complete the acquisition?
- How will exploration results from the Gawler Hydrogen Project influence the company’s valuation and strategy?
- What are the timelines and milestones for drilling and resource delineation on these new licences?
