Downer backs natural hydrogen venture exploring South Australia
A “natural hydrogen” start-up chaired by former SA Liberal MP and Foreign Minister Alexander Downer has listed on the Australian share market, with two exploration sites earmarked in South Australia.
Alexander Downer. Photo: Lukas Coch / AAP
Listed on Friday at 50 cents a share, Gold Hydrogen (GHV) has opened this morning at 51 cents a share, down 2 cents from its high on Friday.
Friday’s offering was fully subscribed, which meant the company launched with a market cap of $70 million.
The Company currently has 140 million fully paid ordinary shares (comprising 40 million fully paid shares issued under the IPO and 100 million shares on issue immediately prior to the IPO) and 3,900,000 unlisted options on issue.
The company says it intends to help the transition to a decarbonised economy by drilling for underground hydrogen across nearly 8000 square kilometres of South Australia.
Gold Hydrogen Group tenement and areas under application located in South Australia.
Once a geological curiosity, confirming the existence and potential commercialisation of this type of hydrogen – a gas found in layers of rock – would be an Australian first.
Although Australia’s focus is on the development of green hydrogen using renewable processes, proponents of natural hydrogen say it’s a potential low-carbon alternative for manufacturing, transport, heating and power generation.
Gold Hydrogen will explore sites in Yorke Peninsula and Kangaroo Island and has subsidiary companies looking in other parts of the state.
“To know we have the support of so many people in the hunt for low carbon energy sources, and that the search starts in my own state, is incredibly humbling,” Downer said.
Gold Hydrogen is focusing initial exploration in the Stansbury Basin, Kanmantoo Trough and Kanmantoo Platforms of the state.
An airborne survey is scheduled to commence in March, followed by exploration drilling of three wells in the September quarter of 2023.
The former foreign minister and diplomat said it was very exciting for South Australia and Australia.
Downer believes there are around 1.3 billion kilograms of natural hydrogen to be found.
Gold Hydrogen is also the preferred applicant for four gas storage exploration licence applications within the renewable energy zone of the Yorke Peninsula region.
With AAP
