Prominence eyes 203 Bscf hydrogen at Eyre as RISC flags stacked targets

The company is now moving into target ranking, detailed drilling engineering and cost assessment as it prepares for a potential multi-well exploration campaign targeted for mid-2027. Preliminary costs of around $5 million could fund three exploration wells, or two wells alongside additional seismic work, Prominence has previously indicated, though updated estimates are due in October.

Alongside technical planning, Prominence intends to begin preparing for a potential farm-out process and assess strategic partnerships or alternative funding structures. The aim is to bring in third-party capital and expertise, reducing Prominence's direct funding requirement while retaining exposure to the project.

The assessment builds on prior work across the project, including soil-gas sampling, satellite studies, gravity and magnetic inversion, structural interpretation, and South Australian Government geological, mineral and groundwater datasets.

The estimate adds to a growing inventory of early-stage hydrogen and helium discoveries in South Australia. Helium, which trades at significantly higher prices than hydrogen on a volumetric basis, could provide additional revenue if the resource is commercialised.

The company expects to release updated engineering and cost estimates in October, which will inform farm-out discussions and the final scope of the drilling campaign.