Pure One Wraps Venus-2H Drilling With Flow Test Due to Start Mid-October
Key Takeaways
- Drilling and demobilisation at the Venus-2H horizontal appraisal well are complete, with all equipment off-site as of 1 September 2026.
- The production wellbore contains 445 metres of interpreted net Macalister Lower coal, with a peak total gas reading of 42.3% recorded during drilling — though these are drilling gas shows, not flow rates.
- Dewatering and flow testing is planned to commence mid-October 2026, representing the next material catalyst for Pure One shareholders.
- Project Venus carries contingent gas resource estimates of 87.7 PJ (1C), 130.3 PJ (2C), and 157.9 PJ (3C), alongside 536 PJ of best estimate remaining prospective gas resources.
- Pure One holds a 69.4% interest in Eastern Gas Corporation, which owns 100% of Project Venus — meaning a successful flow test could materially expand strategic options including farm-out or further appraisal.
Drilling wrapped up — dewatering and flow testing next
Pure One Corporation (ASX: P1E) has confirmed that drilling and demobilisation at the Venus-2H horizontal appraisal well are complete, with the final equipment departing the well site on 1 September 2026. The announcement, dated 14 September 2026, marks a clear transition from drilling to the next phase of the program at Project Venus in Queensland’s Surat Basin.
The well reached a total depth of 1,450 metres measured depth and successfully intersected the existing Venus-1 vertical wellbore at approximately 927 metres measured depth. The production wellbore contains a cumulative 445 metres of interpreted net Macalister Lower coal, with repeated strong gas shows recorded across the target intervals, including a peak total gas reading of 42.3%.
It is important to note that these gas readings represent hydrocarbons released during drilling. They are not gas flow rates or a measure of future well productivity — the announcement is explicit on this point.
The next major milestone is dewatering and flow testing, planned to commence mid-October 2026, subject to final confirmation and operational readiness.
When big ASX news breaks, our subscribers know first
What is coalbed methane dewatering — and why does it matter?
Coal seam gas (CSG), also known as coalbed methane, is held within coal seams under pressure from groundwater. To release it, that pressure must be reduced by pumping out the water first — a process called dewatering.
Project Venus location and exploration context, including its position within Queensland’s Surat Basin, was outlined in an earlier ASX release that mapped the tenement footprint and surrounding infrastructure relevant to the appraisal program.
Once reservoir pressure drops sufficiently, gas begins to desorb from the coal and flow toward the wellbore. This makes dewatering the critical first step before any gas production is possible, and it also means results take time to develop as the process progresses.
The flow test at Venus-2H is not a simple pass/fail event. It is a data-gathering exercise designed to assess how the reservoir responds at each stage. Specifically, the program will evaluate:
- Water production volumes
- Reservoir pressure response
- Timing of gas breakthrough
- Subsequent gas flow performance through the integrated Venus-2H/Venus-1 well system
Early observations will need to be assessed alongside results obtained over the full course of the program, so investors should approach initial data points with appropriate context rather than treating any single reading as definitive.
What a successful test could mean for Project Venus
The flow test results will directly inform Eastern Gas Corporation’s assessment of Project Venus’s commercial potential and future development pathway. Managing Director Scott Brown framed the stakes clearly:
Scott Brown, Managing Director, Pure One Corporation
“Through its 69.4% interest in Eastern Gas, Pure One retains substantial exposure to the potential upside from Project Venus. A successful production test would represent an important step towards demonstrating the commercial potential of the asset and could materially enhance the value and strategic options available to Eastern Gas.”
The results are expected to inform decisions across a range of potential next steps, including:
- Further appraisal activity at Project Venus
- Potential farm-out opportunities
- Progression toward development, subject to the results
For context, Project Venus carries contingent gas resource estimates of 1C: 87.7 PJ, 2C: 130.3 PJ, and 3C: 157.9 PJ, alongside best estimate remaining prospective gas resources of 536 PJ, as reported in the company’s Prospectus dated 5 December 2025 and Replacement Prospectus dated 12 December 2025.
These are contingent resources, not reserves. There is no certainty that further appraisal, production testing, or development activities will result in the determination of reserves, or that the resources will be commercially recoverable.
The next major ASX story will hit our subscribers first
Project Venus in the context of Pure One’s broader strategy
Project Venus sits within a broader diversified business for Pure One. The company holds a 69.4% interest in Eastern Gas Corporation (ASX: EGA), which in turn holds 100% of Project Venus. Alongside its natural gas exposure, Pure One operates across clean technology and zero-emission mobility, with an indirect position in Botswana-focused gas through a strategic investment in Botala Energy (ASX: BTE).
The table below outlines Pure One’s key business pillars:
| Business Pillar | Entity | Stage | Pure One Exposure |
|---|---|---|---|
| Clean technology / zero-emission mobility | Pure One (P1E) | Operating | Core business |
| Natural gas — Australia | Eastern Gas Corporation (EGA) | Appraisal | 69.4% |
| Natural gas — Botswana | Botala Energy (BTE) | Strategic investment | Indirect |
The planned mid-October 2026 commencement of dewatering and flow testing represents the next material catalyst for Pure One shareholders to monitor. The company has indicated it will provide further updates as testing commences and as material results become available.
Get ASX Energy News Before the Market Moves
Receive FREE breaking ASX energy alerts delivered to your inbox within minutes of release, complete with in-depth analysis. Join 30,000+ subscribers already staying ahead on coal seam gas, oil and gas, and broader energy sector developments. Click the “Free Alerts” button at Big News Blast to get the next market-moving announcement the moment it drops.