Ramsay’s three-well helium test opens the door to a modular pilot

Three-well testing confirms Ramsay reservoir continuity

Gold Hydrogen Limited (ASX:GHY) has completed the helium portion of its 2026 Ramsay flow-test campaign, turning what was previously a series of well results into the company’s first project-wide view of the Kulpara Dolomite reservoir. Helium flowed to surface from Ramsay 1, Ramsay 2 and Ramsay 3, with the wells spread across approximately 2.2 kilometres. The result extends the Ramsay 2 continuity test that had confirmed a laterally extensive helium-bearing formation.

The company reported sustained or stabilised air-corrected helium concentrations averaging approximately 15.2% across the three wells. Ramsay 1 recorded 19%, Ramsay 2 recorded 20%, while Ramsay 3 recorded a stabilised 6.5% concentration and samples as high as 12.6%. Gold Hydrogen said the project-wide average compares with global commercial helium projects that can operate at concentrations as low as 1% when helium is produced as a by-product.

Ramsay 3 lifts demonstrated flow capacity

Ramsay 3 delivered the campaign’s clearest evidence of scale. Its larger-diameter completion and high-capacity electric submersible pump lifted gross fluid rates in stages to approximately 14,000 barrels per day, about seven times the rates achieved at Ramsay 1 and Ramsay 2. The rate was achieved at an implied drawdown of roughly 350 psi, with a Productivity Index of approximately 40 barrels per day per psi, the highest recorded at Ramsay to date.

That operational result matters because the company’s helium is dissolved in formation water and must be liberated at surface. Gold Hydrogen says the flow campaign also demonstrated onsite separation and purification, with a membrane unit raising raw-stream helium concentration at Ramsay 1 from 5.6% to 50.5% before air correction. Helium was then captured and bottled onsite, following the Ramsay 1 helium bottling milestone reported earlier in the campaign.

Modelled output exceeds the earlier commercial case

Using the combined flow data, Gold Hydrogen has modelled helium potential of up to approximately 37 Mscf per well per day. That is about 37% above the approximately 27 Mscf per well per day case identified in Worley’s independent assessment as potentially commercially viable. The comparison is encouraging, but the distinction is important: the 37 Mscf figure is a modelling outcome, not a sustained production rate demonstrated in the field.

The company says the results support evaluation of a commercial development using as few as two wells, consistent with the Worley two-well case identified earlier this year. Gold Hydrogen is now considering a staged, modular pilot using existing Ramsay wells, with Ramsay 2, Ramsay 3 and Ramsay 4 being assessed as producers and Ramsay 1 continuing as a reinjection well. A further Ramsay 5 development well may also be considered.

Contingent Resource and hydrogen results become the next tests

Gold Hydrogen is targeting independent maiden Contingent Resource sign-off in November. Before that can happen, it must complete laboratory analysis of gas and water samples, integrate pressure, flow and temperature data into its reservoir models, define a development project and obtain independent resource evaluation. The company says vendor design and costings for a modular plant combining membrane separation with pressure-swing adsorption have been completed, but the announcement does not establish project economics, funding requirements or a final investment decision.

The separate natural hydrogen question remains unresolved. Flow testing of the Parara Limestone at Ramsay 3 is still being interpreted, with laboratory data yet to be received and analysed. Gold Hydrogen says the testing could demonstrate dual-commodity potential from shared wells and infrastructure, but it also cautions that natural hydrogen may not flow to surface. The November resource target and the pending hydrogen interpretation will determine whether Ramsay’s technical progress can be converted into a defined development pathway.