Highlights

  • An independent assessment by RISC Advisory has estimated prospective resources of 202.8 Bscf of hydrogen and 9.2 Bscf of helium at Prominence Energy's Eyre Project on a 2U/P50 unrisked basis.
  • The Eyre Project comprises granted licence PEL 803 and three pending licence applications, part of the company's approximately 64,000km2 South Australian helium and natural hydrogen portfolio.
  • The assessment identified 15 independently assessed leads, with the top five individual targets ranging from 17.2 to 33.0 Bscf of hydrogen each.
  • Prominence is targeting commencement of a multi-well helium and natural hydrogen drilling program by mid-2027, with a farm-out process planned to begin in October 2026.

Prominence Energy Limited (ASX:PRM) has received an independent prospective resources assessment from RISC Advisory estimating 202.8 billion standard cubic feet of hydrogen and 9.2 billion standard cubic feet of helium at its Eyre Project in South Australia, on a 2U unrisked basis. The assessment marks a step forward in defining the scale of the company's South Australian helium and natural hydrogen portfolio ahead of planned drilling.

Independent Resource Assessment Details

The Eyre Project comprises the granted PEL 803 licence, covering approximately 2,800 square kilometres, together with three pending licence applications, PELA 749, 750 and 751, where Prominence is the preferred applicant. The project forms part of a broader roughly 64,000 square kilometre helium and natural hydrogen portfolio the company holds across South Australia. RISC's assessment identified 15 independently assessed leads across multiple geological plays, six of which contain stacked exploration objectives. On a 2U unrisked basis, the portfolio is estimated to hold 202.8 Bscf of hydrogen, equivalent to approximately 470,849 tonnes, and 9.2 Bscf of helium. The resource range extends from 70.1 Bscf of hydrogen and 1.7 Bscf of helium on a 1U unrisked basis, up to 491.6 Bscf of hydrogen and 32.3 Bscf of helium on a 3U unrisked basis. On a risked basis, reflecting geological probability of success rates of 8% to 12% applied to individual leads, the range narrows to 7.1 Bscf to 49.1 Bscf of hydrogen.

The top five individual targets by 2U unrisked Volume are Lead 2_15 at 33.0 Bscf of hydrogen and 1.50 Bscf of helium, Lead 3_2 at 24.2 Bscf of hydrogen and 1.11 Bscf of helium, and two Eocene Sandstone targets, Lead 2_7 and Lead 2_2, at 20.1 Bscf and 19.1 Bscf of hydrogen respectively, followed by Lead 3_1 at 17.2 Bscf of hydrogen and 0.78 Bscf of helium. Chief Operating Officer Dr Krista Davies said the independent assessment by RISC represents an important step-change for the Eyre Project, reflecting the company's progress in defining its exploration targets. The assessment was completed by Adam Craig of RISC Advisory, a certified petroleum geologist and Fellow of the Geological Society.

Path to Drilling and Farm-Out

With the Eyre Prospective Resources Review now complete, Prominence is progressing a Northern Hinge Prospective Resources Review in September 2026, followed by updated drilling engineering and costings in October 2026, alongside the commencement of a farm-out process. Preliminary costings suggest approximately A$5 million could fund three exploration wells, or alternatively two wells plus additional seismic acquisition. Detailed design and planning for a 2027 drilling program is scheduled for November and December 2026, with the company targeting commencement of a multi-well helium and natural hydrogen drilling program by mid-2027. Target ranking and drilling site selection are already underway, and the company is assessing farm-out and strategic Partnership Options that could bring in third-party validation and reduce its Capital cost exposure.

Conclusion

The RISC assessment gives Prominence Energy (ASX:PRM) an independently verified scale for its Eyre Project prospective resources, an important input as the company works toward a 2027 drilling program and considers farm-out partnerships to help fund it. It is worth noting these are prospective resources, representing undiscovered accumulations subject to both discovery and development risk, not reserves or contingent resources, so the estimates are not a guarantee of what drilling will find. Investors following Prominence may want to watch for the Northern Hinge review, the outcome of the farm-out process, and progress toward the targeted mid-2027 drilling program as the next indicators of how this resource base translates into an exploration outcome.