The Ordinary environmental application for the Monzón-2 well to the Government of Aragón is entering the final phase of review. The Government has notified Helios that a decision will be made on the Environmental Impact Assessment within a period of 4 months, on or before, February 27^th 2026. The Ordinary submission for the well represents the highest level of the environmental approvals process. 

The Monzón-2 well remains on-track to be drilled in the second half of 2026. The well will be drilled to a total depth of 4000m to appraise the natural hydrogen reserve which was discovered by the Monzón-1 exploration well in the 1960’s.

The Monzón Field appraisal work, including drilling, is being progressed under the Hydrocarbons Act. If the Monzón -2 well confirms a hydrogen and helium accumulation, first production can be achieved using proven technology before the end of the decade. The Monzón Natural Hydrogen Project can deliver 50,000 tonnes of hydrogen annually at plateau with a total recoverable volume of 1.1 million tonnes.  Such a project will provide hundreds of direct and indirect employment opportunities.

The development of the Project under the Hydrocarbons Act will result in the commune of Monzón receiving an estimated annual royalty payment of €15-20 million from 2030, which represents 5% of gross revenue. This is  in excess of €300 million over the life of the Project.

If the Project is developed under the Mining Act, then the legislation does not provide for any royalty payment to the commune.