Mosman, which is primarily focused on onshore gas opportunities in Texas, holds two permits, EP 145 and EP 155, in the Northern Territory. 

It contracted consultancy group Geonostics Australia to identify whether the EP 145 permit could contain native hydrogen and helium along with natural gas. 

This week Geonostic's technical report found the permit was likely to contain helium and hydrogen plays due to the structure of the geology including specific granites known as a source of helium in the basin. 

The permit also contained a salt seal which could have trapped hydrogen and helium.  

This has now led Mosman to publish a prospective resource estimate which led to a significant share price rise overnight. 

Mosman estimates the field could contain 440 billion cubic feet of gas on a 2C basis, which included 26.4 Bcf of helium and 26.4 Bcf of native hydrogen. 

On a high case estimate, the permit could contain 2.3 trillion cubic feet of gas including 229 Bcf of helium and 275 Bcf of hydrogen. 

The company is focused on acquiring further seismic across the tenement and will then drill an exploration well. 

Permitting is underway with the Central Land Council conducting a site survey as a prerequisite to land access approval.