Prominence Energy (ASX:PRM) is a Perth-based explorer whose main proposition is natural hydrogen and helium exploration across a large South Australian licence area, funded so far by small raisings and with drilling not planned until mid-2027.

What the company does

Prominence describes itself as an energy exploration company. Its flagship is the Gawler Hydrogen Project, acquired in a transaction completed on 15 December 2025 that, according to the interim report, involved 570 million vendor and facilitator shares and 875 million options. The company’s website says the project covers about 64,000 square kilometres of the Gawler Craton and northern Adelaide Hinge Zone, split into the Eyre and Northern Hinge sub-projects.

The company also reports a 100 per cent working interest in the Big Apple gas prospect in the Gulf of Mexico and a 10.4 per cent holding in the ECOSSAUS salt cavern development, aimed at potential hydrogen and carbon dioxide storage.

Stage of the Gawler project

This is early-stage exploration. Prominence says its desktop work has “de-risked” the system by identifying source rocks, migration pathways and reservoir-seal pairings. That is the company’s interpretation; no hydrogen or helium resource has been defined and none of the reviewed material reports a discovery.

Field work has begun with soil-gas and groundwater geochemical surveys in licence PEL 803. In April 2026 the company secured matched funding under CSIRO’s Kick-Start programme: a $116,252 project, of which CSIRO contributes $50,000, running about eight months from April 2026 to sample wells and develop exploration screening tools.

Funding and cash

A company updates summary of a second-quarter 2026 announcement reports a $1.56 million Capital raising. Prominence says the cash should cover the 2026 technical programme, but that more capital may be needed for drilling, which is targeted for June or July 2027. Preliminary budget estimates were about $5 million for three exploration wells, or two wells plus seismic. These are company plans, not commitments.

The most recent reported figures found are from the interim report to 31 December 2025: cash of $1,160,075, a half-year net loss of $570,891, operating cash outflow of $476,096 and net Assets of $6,325,180. The report notes a material uncertainty about Going Concern and states that the group will need to raise additional funds to continue operations through March 2027. A later notice, reported by company updates, showed the issue of more than 304 million three-year Options with a $0.004 exercise price, expected on 22 June 2026.

Governance and share structure

Director share placements at $0.001 to $0.002 per share were recorded in June 2026, according to company information sources. Share count has expanded sharply: company information sources showed about 2.39 billion shares in July 2026. Dilution is therefore a live consideration for holders.

Risks and milestones

Risks include going-concern uncertainty, heavy dilution, the unproven nature of natural hydrogen as a commercial resource, and the need for roughly $5 million for the planned wells. Confirmed milestones are limited: the CSIRO collaboration runs to about December 2026, and drilling is targeted for mid-2027. company information sources lists 29 September 2026 as an estimated reporting date.