Prominence Energy Completes First Helium-Hydrogen Survey in Gawler Craton

First Geochemical Survey Marks Operational Shift

Prominence Energy Ltd (ASX:PRM) has crossed a crucial milestone by completing its first geochemical soil gas survey targeting helium and natural hydrogen in South Australia's Gawler Craton. This survey, finalised in April 2026 shortly after the March quarter, represents the company's shift from planning to active field operations within Petroleum Exploration Licence 803 (PEL 803).

The survey aims to detect surface helium and hydrogen anomalies, validating subsurface geological models that highlight radiogenic granite systems as promising helium sources. This step is critical given helium’s status as a scarce, high-value resource with growing global supply constraints, especially relevant to medical imaging and semiconductor manufacturing.

Stakeholder Engagement and Regulatory Foundations

Prominence’s groundwork included an extensive landholder engagement campaign covering over 30 properties and more than 100 stakeholders, securing vital access and support for field activities. Regulatory compliance was addressed through timely submission of an Activity Notification to the South Australian Department for Energy and Mining, accompanied by a suite of operational and environmental management plans underscoring the company’s commitment to safe and low-impact exploration.

This operational readiness follows a series of preparatory steps documented earlier this year, including technical evaluations and regulatory approvals that secured the Gawler Hydrogen Project’s tenure, as reported in the company’s prior updates on preparatory work for geochemical survey and Gawler Hydrogen Project acquisition.

Advancing Play Fairway Analysis with Quantitative Data

Alongside field execution, Prominence has progressed its play fairway analysis from qualitative geological interpretation to a quantitative framework. By integrating historical water bore data, the company has derived permeability estimates that inform gas migration pathways and charge potential. This modelling is pivotal in refining exploration risk and prioritising targets for future drilling campaigns.

Chief Operating Officer Dr Krista Davies highlighted the strengthened understanding of helium and hydrogen migration dynamics, which enhances confidence in the project's prospectivity. The forthcoming analysis of the geochemical survey data will be instrumental in validating these models and advancing drill-ready targets.

Diverse Project Portfolio and Corporate Developments

Beyond the Gawler Craton, Prominence maintains a 100% interest in the Big Apple Gas Prospect in the Gulf of Mexico, where seismic analysis continues to evaluate gas potential. The company also holds minority stakes in uranium remediation in Kazakhstan (20% in Umine LLP) and a 10.4% interest in ECOSSAUS Ltd, which develops salt cavern projects for gas storage and greenhouse gas sequestration.

Corporate changes during the quarter included the appointment of Dr Mike Fischer as Non-Executive Director, bringing additional industry expertise, while Mr Bevan Tarratt transitioned to a Non-Executive Director role following the retirement of Mr Quinton Meyers. These moves aim to strengthen governance as the company scales its exploration activities.

Cash Position and Funding Considerations

Prominence reported net cash outflows from operating and investing activities totaling approximately A$442,000 for the quarter, primarily related to exploration expenditure and corporate costs. With cash and available financing facilities amounting to around A$787,000, the company estimates a funding runway of about 1.8 quarters at current spending levels.

Management acknowledges the discretionary nature of expenditures and retains flexibility to defer costs if necessary. The board remains confident in the ability to access additional capital through equity raisings to support ongoing operations and strategic objectives.