Company Overview

Prominence Energy Ltd (“Prominence”) is a public company based in Perth, Western Australia that is listed on the Australian Stock Exchange (“ASX”) under the code “PRM”. 

Big Apple Prospect (PRM 100%)

The Big Apple Gas Prospect straddles the boundary of two adjacent lease blocks A87 and A90 in the Brazos South Addition Area, located on the Outer Continental Shelf of the Gulf of Mexico, off Texas approximately 200km directly south of Houston in approximately 250ft (75m) of water. Together the Leases cover an area of 11,520 acres (~46km²).

PRM holds both blocks A87 and A90 with 100% working interest and 80.25% Net Revenue Interest.  The leases have an initial five-year exploration term, which commenced on 1 July 2023.  There is no minimum work program and the blocks can be held by production for 25 years.

PRM bid for the blocks in the 2023 bidding round, on the basis of mapping and AVO analysis of seismic in the blocks, which identified a high potential and sizeable gas prospect with an area of up to 7,500 acres (30km²).

Umine (PRM 20%)

Umine has identified an opportunity to execute the decontamination and remediation of the abandoned Dijdeli Uranium processing site in Kazakhstan.  During the rehabilitation, Umine intends to collect, process and sell the Uranium.  The Djideli rehabilitation project with Uranium sales would be the first project of its kind in Kazakhstan. The project is currently undergoing permitting and resource evaluation. 

WA-519-P (PRM12.5%)

As announced in December 2021, and completed in March 2022, PRM has acquired a 12.5% interest in the WA-519-P Permit via a 12.5% holding in the company that holds the permit.  WA-519-P contained the Sasanof prospect, that was drilled in June 2022. unfortunately, the Sasanof well was unsuccessful and did not find gas.

ECOSSAUS Ltd (PRM 10.9%)

PRM has made a small investment in ECOSSAUS Ltd.  The company has an early mover advantage in seeking to establish Australian solution-mined salt caverns.  Salt Caverns can be used for on demand energy reserves such as gas or hydrogen or utilized for long term carbon capture and storage.  

• Storage of gas and hydrogen in salt caverns is an established proven process in the USA and Europe; 
• ECOSSAUS is seeking to identify potential locations to develop salt caverns in Australia.
• ECOSSAus has secured an approximately 8,000 km2 portfolio of mining exploration and gas storage exploration tenements, strategically located over ground in Northern Territory, South Australia and Queensland which contain large salt deposits. 

New Ventures

PRM is in the process of reviewing potential new oil and gas projects to add to the portfolio. PRM believes that oil and gas companies need to evolve to be more carbon friendly to continue to be attractive investments for shareholders. In addition to conventional oil and gas projects, PRM will consider potential Helium, Green Energy and particularly Green Hydrogen investment opportunities.