Gold Hydrogen Confirms Continuous 180m Helium Reservoir with Up to 20% Purity

Ramsay 2 Validates Thick, Laterally Continuous Helium Reservoir

Gold Hydrogen Limited (ASX:GHY) has delivered a significant technical milestone with its Ramsay 2 well flow test confirming a continuous helium-bearing Kulpara Dolomite reservoir approximately 180 metres thick. The test, conducted about 500 metres from the earlier Ramsay 1 well, yielded air-corrected helium purities up to 20%, consistent with the 19% purity recorded at Ramsay 1. This dynamic evidence moves beyond static geological interpretations, demonstrating the reservoir’s lateral continuity and productive capacity across the Ramsay Project on South Australia’s Yorke Peninsula.

Strong Reservoir Performance and Deliverability Support Commercial Viability

The Ramsay 2 flow test revealed raw gas rates reaching ~128 Mscf/day and helium flow rates up to ~24.3 Mscf/day, both constrained by the installed pump rather than reservoir limits. The well’s productivity index of up to 34 barrels per day per psi far surpasses typical commercial low-permeability reservoirs, underscoring the exceptional deliverability of the helium-only production zone. These results align closely with Ramsay 1’s performance, reinforcing confidence in the reservoir’s consistency and potential scale.

Notably, the improved cased-and-perforated completion design at Ramsay 2 enhanced electrical submersible pump (ESP) efficiency by nearly threefold compared to Ramsay 1. This operational improvement is a crucial step ahead of the planned Ramsay 3 well, where fluid lift rates are expected to scale up to 20,000 barrels per day, bridging appraisal success with development-scale testing.

De-risking Pathway Towards Maiden Contingent Resources

With two wells now confirming helium flow to surface and consistent reservoir characteristics, Gold Hydrogen is advancing towards booking maiden Contingent Resources. The company holds a prospective helium resource estimate of 96 billion cubic feet (mean estimate) for a fraction of its permit area, highlighting the project’s Tier 1 scale potential. The Ramsay 2 results add critical dynamic data, including discrete zonal reservoir information from the Kulpara Dolomite and deeper Hiltaba Basement, supporting refined reservoir modelling and development planning.

Gold Hydrogen expects to complete the 2026 flow testing campaign with Ramsay 3 and undertake independent technical assessments before progressing resource certification. This measured approach aims to solidify the technical foundation for commercial helium development.

Pilot Project Planning and Commercial Discussions Underway

The independent Worley assessment previously identified that commercial helium production at Ramsay could be viable with as few as two wells, contingent on further evaluation. The Ramsay 2 results bolster the technical assumptions underpinning this scenario, demonstrating repeatable helium purity and reservoir deliverability, alongside improved operational designs.

Gold Hydrogen is advancing a fast-tracked Ramsay Helium Pilot Project, including front-end engineering design (FEED) and ongoing discussions with technology and distribution partners. The company is also exploring low-cost pilot options and modular helium plant designs to accelerate commercialisation.

Risks and Next Steps

Despite promising flow test results, Gold Hydrogen cautions that these are interim and subject to independent laboratory confirmation. Geological uncertainties and development risks remain, and there is no guarantee of sustained long-term flow rates, contingent resource booking, or commercial viability. Further testing at Ramsay 3 and ongoing appraisal work will be critical to validate these early successes.

Investors should watch for upcoming Ramsay 3 flow test outcomes, independent compositional analyses, and progress on FEED and pilot project development, which will collectively shape the Ramsay Helium Project’s path towards commercialisation.