Gold Hydrogen has received final approval from the Australian Government's Department of Energy and Mines to immediately begin the search for naturally occurring near-zero hydrocarbons in the ground and carry out critical mining work. The project has commercial potential. The approval of the
project received immediate attention from major Australian media outlets such as The Australian. The Australian will report on the first drilling in Australia over the next day. Gold Hydrogen was founded
by geologists who found records of oil and gas drilling on the Yorke Peninsula nearly 100 years ago. After testing, it was found that the purity of hydrogen 100 years ago was about 90%, but hydrogen had no commercial value at that time.
Armed with this historical data and the fact that hydrogen is a key component of Australia's move to net-zero emissions, Gold Hydrogen has moved quickly to become the first company to demonstrate the existence of low-cost natural hydrogen in Australia. Internationally recognized SLB (formerly Schlumberger) and Savanna Energy are leading the drilling program for Gold Hydrogen.
The first drilled well, named Ramsay 1, is located next to the historic well, and the test results more than 90 years ago showed the presence of hydrogen. The second site in the PEL 687 mining area will be ready for drilling next month. Neil McDonald, managing director of
Gold Hydrogen, thanked shareholders and the South Australian government for their support and quick action in driving exploration work.
McDonald said South Australians were moving faster than anyone else in the hydrogen sector. Our team is very excited that Gold Hydrogen is about to become the first company to discover natural hydrogen in Australia.
The natural hydrogen phenomenon is relatively new, but one town in Mali is already powered by natural hydrogen, and major exploration projects are underway in Europe, North and South America, and other parts of Africa. Gold Hydrogen believes that hydrogen is continuously produced through the interaction of certain rock formations and water underground. South Australia may have enough gas fields to power the city of Adelaide for 40 years.
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