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Pure Hydrogen Ltd

The Hydrogen economy has arrived and many companies are working on economic production, storage and distribution of emissions-free Hydrogen. Methane contained in natural gas is a critical input to the most common hydrogen production methods, and PH2’s combination of gas ownership and strategies to capture value-add in conversion of gas to Hydrogen, is unique on the ASX. PH2 gas projects alone are undervalued compared to peers, with the Hydrogen business a free option with huge future upside potential. We estimate fair value for the gas at 47c, with the hydrogen business potentially separable and worth another $50-100m or 16-32 cps.

  • Pure Hydrogen Corporation was created by the merger of Real Energy Corporation Ltd and Strata-X Energy Ltd in March 2021 and has moved rapidly to build a Hydrogen business in tandem with appraisal of its Australian and Botswana gas discoveries. This unique combination of assets exposes PH2 to value-add in the conversion of natural gas to Hydrogen.
  • Gas appraisal and commercialization:
    • Portfolio of discovered coal seam gas resources in Australia and Botswana
    • Prospective resource of 11.8 Tcf, and 2C Contingent gas resources of 472 Pj.
    • Drilling and testing activity has recommenced after Covid-hiatus, comprising a 6-well free-carried appraisal program in Botswana, and flow-testing at the Venus project (Qld)
  • Building a Hydrogen business. Hydrogen has emerged as a fuel of the future in a de-carbonizing world and PH2 has announced a number of initiatives this year including:
    • Planning for 4 large scale Hydrogen plants at various ports with a view to future exports.
    • MoU’s with partners for storage and refueling systems.
    • A 50/50 JV with private company Synergen Met to produce emissions free Hydrogen using methane pyrolysis technology (so-called “Turquoise hydrogen”) using Venus gas, and producing valuable solid carbon by-products
  • PH2 had $11.2M of cash at March 31, which is sufficient to complete Venus testing and undertake further Hydrogen work.

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