Pure Hydrogen’s (ASX:PH2) upbeat gas flow results take share price zooming

Highlights

  • Pure Hydrogen’s Venus-1 Pilot Well Test has served positive gas flow results.
  • The Venus pilot has proved gas breakout after 50 barrels of water production with continued gas pressure. 
  • Gas from Venus to be converted to Hydrogen under Project Saturn.

Australian East Coast Clean Energy Company, Pure Hydrogen Corporation Limited (ASX:PH2), on Thursday, confirmed the initial gas flow testing of its Venus 1 Pilot Well located on Project Venus in central Queensland. PH2 has shared that the project has now been completed with very encouraging results thus far. 

Pure Hydrogen has also shared that the Well has now been shut-in. The Company’s technical team and third-party consultants will now focus on getting relevant approvals from the Queensland Government to carry out the proposed stimulation of the target coals to prove commercial gas flow rates.

Results from Project Venus:

The announcement has revealed that the project Venus contained high-quality Coal Seam Gas with very prospective acreage covering 154kmsq which falls within the main Walloon CSG Fairway and is also close to gas infrastructure. The maiden Venus 1 pilot well was drilled late last year and completed an initial flow test in late May 2021. 

PH2 has also announced that the initial Venus pilot well test has proved gas breakout after 50 barrels of water production with continued gas pressure. It was built up and bleed off over the 3-month test period. 

The initial gas breakout has proven the interpreted high gas saturation of the target upper Walloon coals seams. The flow test data analysis and modeling have shown that a more aggressive stimulation method needs to be applied to the target coals for achieving commercial gas flow rates. Hence, enabling the conversion of Contingent Resources to Reserves. 

About Pure Hydrogen: 

Pure Hydrogen Corporation Limited is an Australia-based clean energy company. It deals mainly in the Hydrogen and Gas production business. 

Meanwhile, on the ASX, the PH2 stock was spotted trading 5.882% higher at AU$ 0.270 per share at 10:30 AM AEST.

Bottom line

The above-mentioned encouraging results from Project Venus have paved the way for the Company towards commercial gas flows and certification of the material gas project. In addition, it has opened up several opportunity doors for the Company’s future growth. 

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