Prominence Energy Stakes Claim in Hydrogen with Gawler Project Acquisition

Strategic Expansion into Hydrogen and Helium

Prominence Energy Limited (ASX, PRM) has signalled a significant pivot in its business strategy with the binding Heads of Agreement to acquire the Gawler Hydrogen Project. This acquisition encompasses a sprawling 63,663 square kilometres across the Gawler Craton in South Australia, a region increasingly recognised for its natural hydrogen and helium potential. The portfolio includes the Eyre and Northern Hinge Projects, both situated in geologically prospective zones known for radiogenic granites and uranium deposits, which are key indicators for hydrogen and helium generation.

The Gawler Craton is emerging as a world-class exploration hotspot, with recent surges in licensing and exploration activity. Prominence’s entry into this space positions it to capitalise on the growing global interest in clean energy alternatives, particularly natural hydrogen, which is gaining traction as a low-emission fuel source.

Capital Raising and Corporate Developments

To support this strategic expansion, Prominence secured firm commitments for a $1.75 million placement from a mix of existing and new sophisticated investors, including a notable $95,000 contribution from current directors. The initial tranche of this placement was completed by the end of June 2025, with a General Meeting scheduled for mid-August to seek shareholder approval for further securities issues tied to the acquisition and the company’s broader hydrogen and helium ambitions.

Alongside this, the company successfully completed the plug and abandonment of its Bowsprit Oil Project under budget, demonstrating operational discipline amid its transition. Prominence also continues to evaluate its 100% interest in the Big Apple Gas Prospect in the Gulf of Mexico, where seismic data indicates promising gas potential, while prudently relinquishing adjacent acreage to conserve capital.

Diverse Portfolio and Future Prospects

Beyond hydrogen and helium, Prominence maintains a diversified portfolio including a 20% stake in Umine LLP, which is pioneering uranium remediation and processing in Kazakhstan, and interests in gas storage and greenhouse gas sequestration projects through ECOSSAUS Ltd. These ventures align with the company’s broader clean energy and resource recovery focus.

Financially, the company reported cash outflows from operating and investing activities during the quarter, ending with $414,000 in cash reserves and available financing facilities of $60,000. The company’s management will need to carefully navigate upcoming regulatory approvals, shareholder votes, and exploration results to sustain momentum.

Chairman Ian McCubbing emphasised the strategic rationale, highlighting Prominence’s leverage to the natural hydrogen sector’s growth and the potential for organic exploration success within its extensive South Australian portfolio.