Helios Aragón has completed an extensive geochemical sampling programme at the 100%
owned Barbastro-Monzón permits located in Aragón Province, Spain. The soil gas survey was
carried out in conjunction with Geochemical Insight and postdoctoral support from the
Universidad Complutense de Madrid, to identify hydrogen and helium microseeps over the
Monzón prospect and adjacent structures.

The Monzón-1 discovery well, drilled in the 1960s to target a large anticlinal structure,
recorded high total gas shows at a depth of 3600 metres which were analysed and determined
at the time to be pure hydrogen. It is now believed a mixture of hydrogen and helium is more
probable. A thick overlying salt sequence provides an effective seal to the Triassic reservoir
across the permits.

 
The geochemical survey was specifically designed to test for gases present in the vicinity of
Monzón-1, over adjacent mapped prospects and, for calibration purposes, locations unlikely
to have hydrogen and helium accumulations at depth.

 
The results from the survey provide an excellent correlation between surface readings and
the underlying geological features. Recorded hydrogen levels near the Monzón-1 well were
consistently several hundred times higher than background levels. Similar results were found
over a prospect which displays a pronounced gas “chimney” identifiable on seismic and over
deep-seated thrust faults, north and south of the mapped prospects, which are potential
conduits for hydrogen and helium migration. As predicted, there were negligible readings of
hydrogen away from Triassic structural closures. Helium levels were multiples higher than
background levels at Monzón-1, above the gas chimney and the southern thrust fault.

 
The forward plan is to drill an appraisal well on the Monzón structure early in 2024 to
determine commerciality of the project. The Barbastro-Monzón permits were granted to
Helios Aragón in June 2020 and have a 6-year initial term.

 
Company CEO, Ian Munro commented that:
“The results from the survey are very encouraging for the Aragon Project and confirm the
Monzón-1 well results regarding the presence of hydrogen. The significant recorded helium is
also exciting given the increasing market demand for this valuable gas.
With the support of the Regional and Federal Governments, we aim to be in a position to drill
an appraisal well on the Monzón structure within the next 2 years to determine development
options for the project.
The Helios Aragón vision is to produce competitively priced natural hydrogen and associated
helium which can be utilised locally or distributed throughout Spain and Europe. In doing so,
our goal is to help establish a hydrogen hub which can ultimately also be used for the storage
of locally manufactured green hydrogen to support the broader transition to a lower carbon
future”.