Total
0
Shares
Drilling at Serowe 3. Source: Pure Hydrogen
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Pure Hydrogen (PH2) confirms gas flows while testing the Venus 1 pilot well, located at Project Venus in Queensland
  • Initial stages of testing have seen early gas breakouts after only a few days, confirming “very high” gas saturations of coal targets
  • The next stage will focus on improving the reach of water into the well, with recent results and modelling indicating commercial gas flows are achievable
  • Flow testing will continue at the well until the end of August as planned
  • Pure Hydrogen shares have closed at 18 cents on July 22

Clean energy developer Pure Hydrogen (PH2) has confirmed improving gas flows while testing its Venus 1 pilot well, located at Project Venus in Queensland.

The company’s technical team is encouraged by the first stage of the program, which has seen early gas breakouts after only a few days — confirming “very high” gas saturations of the upper Juandah Walloon target coals.

Following testing, the next stage of pilot work will focus on improving the reach of water into the vertical well.

Notably, engineering modelling of reach improvement methods and results from flow testing to date indicate commercial gas flows are achievable.

This is important considering proving commercial gas flows would allow Pure to progress converting Venus’ resources to reserves, with Project’s contingent resource 2C measuring 130 petajoules and its prospective resource 694 petajoules as at May 4, 2021.

In the meantime, the company said it would continue flow testing with gas pressure build-ups and drawdowns, for subsequent reporting.

PIQ’s managing director, Scott Brown, said the company was pleased with the progress at Venus 1 so far, with early-stage results considered encouraging.

“We can see a clear pathway here to commercial gas flows and the certification of material gas reserves of Project Venus,” he said.

“Gas prices on the east coast are on the march with prices rising dramatically in the last few months.”

Looking ahead, flow testing of the Venus 1 well will continue to the end of August as planned.

Elsewhere, the company said its exploration program in Botswana was on track, as well as its hydrogen projects in Australia.

Pure Hydrogen shares closed at 18 cents on July 22, 2021.

PH2 by the numbers
More From The Market Herald
Worley (ASX:WOR) - CEO, Chris Ashton

" Worley (ASX:WOR) awarded Shell contract in The Netherlands

Worley (WOR) has been awarded a services contract to support the development of a low-carbon fuels facility in The Netherlands.

" Melbana Energy (ASX:MAY) undertakes logging at Alameda-1

Melbana Energy (MAY) has updated the market on its progress at the Alameda-1 exploration well being drilled in Block 9 PSC in Cuba.
Senex Energy (ASX:SXY) - CEO and MD, Ian Davies

" Senex Energy (ASX:SXY) in talks with POSCO International over $815m takeover bid

Senex Energy (SXY) has spiked in early trading action after flagging a takeover bid from South Korean big-cap POSCO International that values SXY

" Renergen (ASX:RLT) facilitates first helium forward sale agreement

Renergen has facilitated its first helium forward sale agreement of 100,000 units over a period of nineteen years.