Highlights

  • Pure One Corporation (ASX:P1E) reported progress at Venus-2H, where its Subsidiary successfully intersected the Venus-1 vertical wellbore.
  • Venus-2H reached total depth of 1,450 metres measured depth and intersected 445 metres of interpreted net Macalister Lower target coal.
  • The well recorded repeated excellent gas shows, including a peak total gas reading of 42.3%.
  • The integrated Venus-2H/Venus-1 well system is now being prepared for dewatering and flow testing.
  • Pure One traded at AUD 0.045, up 7.14% during the morning session on 28 August 2026.

Pure One Corporation Limited (ASX:P1E) has provided an operational update on the Venus-2H horizontal appraisal well at Project Venus in Queensland’s Surat Basin, where the company’s 69.4%-owned subsidiary successfully completed the planned well intersection and reached total depth.

During the morning session on 28 August 2026, Pure One (ASX:P1E) was trading at AUD 0.045, up 7.14%. The stock remains down 50.00% over the past year.

Venus-2H Progress

Pure One’s subsidiary successfully intersected the existing Venus-1 vertical wellbore at approximately 927 metres measured depth and reached a total depth of 1,450 metres measured depth.

The successful intersection established the planned subsurface connection between Venus-2H and Venus-1. Following completion and commissioning, the integrated well system is designed to allow water and gas entering the Venus-2H horizontal wellbore to flow through Venus-1 to surface facilities during dewatering and production testing.

To achieve the planned intersection, drilling activities included a first sidetrack before the well continued through the target coal interval. After confirmation of the intersection, the ranging assembly was replaced with a geosteering assembly and drilling continued through the target coal.

Coal and Gas Results

Across the completed production wellbore, Venus-2H intersected 445 metres of interpreted net Macalister Lower target coal.

Repeated excellent gas shows were recorded throughout the target coal intervals, including a peak total gas reading of 42.3%.

The well encountered 445 metres of interpreted net Macalister Lower coal across the original wellbore and two sidetracks. This included 148 metres of continuous target coal between 1,181 metres and 1,329 metres measured depth in the second sidetrack.

Gas readings ranged from 2.5% to 18.0% in the original wellbore, 8.8% to 23.8% in the first sidetrack and 4.5% to a maximum of 42.3% in the second sidetrack. Almost all recorded shows were classified as excellent under the wellsite rating system.

The company noted that gas shows confirm the presence of Hydrocarbons within the intersected coal but do not represent gas flow rates or provide a direct measure of future well productivity. Productivity will be assessed through planned dewatering and production testing.

Sidetrack Activities

During drilling, Venus-2H exited the Macalister Lower coal seam at approximately 1,117 metres measured depth in the first sidetrack. Drilling and geosteering data indicated an interpreted fault displacement of approximately four metres.

The second sidetrack was then commenced and re-entered the target coal at 1,061 metres measured depth before again entering the Macalister Lower coal seam at 1,181 metres measured depth.

The second sidetrack remained within the target seam from 1,181 metres to 1,329 metres measured depth, with a further 10 metres of coal encountered between 1,349 metres and 1,359 metres measured depth.

Testing Phase

With Venus-2H reaching total depth, drilling equipment will be recovered and the wellbore prepared for installation of the planned completion liner. The liner is intended to maintain access to the intersected coal intervals and support water and gas flow through Venus-2H towards the Venus-1 connection.

Following completion, the drilling rig and associated services will be demobilised from site. The integrated Venus-2H/Venus-1 well system will then be prepared for flow testing, including installation and commissioning of surface production, water-handling and gas-measurement equipment.

The flow-testing program will begin with dewatering of the target coal intervals to reduce reservoir pressure and support gas desorption and flow. The program will measure water production, reservoir pressure response, timing of gas breakthrough and subsequent gas flow performance.

Management Commentary

Pure One Managing Director Scott Brown said the successful intersection with Venus-1, followed by extended drilling within the target Macalister Lower coal seam, represented an important operational milestone for the program.

He highlighted the drilling results, including gas shows peaking at 42.3% and the 445 metres of interpreted net Macalister Lower coal seam, while noting the next phase would focus on dewatering and flow testing.

Investor Takeaway

Pure One’s latest update highlights progress at Project Venus, with Venus-2H completing the planned well intersection and advancing towards testing activities. Investors may continue watching completion of the well system, dewatering progress and results from the upcoming flow-testing program.