Prominence Energy Expands into Natural Hydrogen Exploration in South Australia
Key Ideas
  • Prominence Energy has acquired Gawler Group Holdings in South Australia, gaining access to nine petroleum exploration licence applications containing high-value natural hydrogen and helium projects.
  • The acquisition provides Prominence with exposure to the emerging natural hydrogen space amidst a growing interest from large multinationals and private equity in this sector.
  • Studies at the Eyre project have shown evidence of hydrogen generation as a by-product of mineralization, with potential for significant resource potential.
  • The deal includes the issuance of shares in Prominence, unlisted options, and performance rights to Gawler, subject to shareholder approval and completion of a capital raising.
Prominence Energy has made a strategic move by entering into an agreement to acquire Gawler Group Holdings, focusing on exploring for natural hydrogen and helium in South Australia. This acquisition includes nine petroleum exploration licence applications, emphasizing the Northern Hinge and Eyre projects, key areas for high-value resources. The company aims to join the league of other players like Thor Energy and D3 Energy, looking to capitalize on the success of Gold Hydrogen's discoveries in the region. Prominence's Chair, Ian McCubbing, highlighted the potential of the Gawler project to provide significant exposure to the natural hydrogen sector, with expectations of increased activity in Australia and globally. The diversified exploration portfolio acquired by Prominence covers various hydrogen and helium source systems with substantial resource potential. Studies conducted in the Eyre project have indicated the generation of hydrogen as a by-product of mineralization, further enhancing the project's attractiveness. The consideration terms of the deal involve the issuance of shares, options, and performance rights to Gawler, contingent upon shareholder approval and the completion of a capital raising. With this strategic move, Prominence Energy aims to position itself as a key player in the natural hydrogen exploration sector, leveraging its portfolio for potential success and growth.
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