Top End Energy Limited has unveiled an independent assessment of its Serpentine Natural Hydrogen Project in Kansas, USA, reporting a maiden prospective resource with significant potential. According to the evaluation by Teof Rodrigues & Associates, the project—spanning approximately 31,000 acres—boasts a mean net recoverable hydrogen resource of 304 billion cubic feet (BCF), equivalent to roughly 716,000 tonnes of hydrogen. The technical assessment presents three tiers of resource estimates: a conservative 1U of 71 BCF, a best estimate 2U of 234 BCF, and an optimistic 3U reaching 629 BCF. These figures are underpinned by probabilistic methods and Swanson’s Rule, with additional data indicating recoverable volumes extending from shallow intervals measured at less than 1,000 feet, where recent drilling recorded a hydrogen purity level of 96%. The report emphasizes the project’s high resource density and favorable technical viability, largely owing to its proximity to key conventional and unconventional plays that benefit from short migration pathways and enhanced seal integrity. With access to established gas infrastructure, major highways, rail networks, and robust industrial markets across the Midwest, Top End Energy Limited is positioning itself to engage potential development partners. The company has already initiated a farm-out process and plans to release a suite of technical materials later in the month as part of a formal presentation to prospective collaborators. On the technical fronts, the assessment incorporates key probabilities to frame the overall risk profile: a 10% chance of geologic discovery (Pg), a 70% chance of subsequent development (Pd) should a discovery be made, and a combined 7% chance of commerciality (Pc). While these figures reflect the uncertainties inherent in early-stage exploration, they also underscore the strategic steps being taken to improve geological confidence through ongoing modelling, subsurface interpretation, enhanced drilling programs, and geophysical surveys. The outlook from a market perspective is mixed. The bullish case rests on the project’s significant hydrogen resource, strong infrastructure support, and the proactive initiation of the farm-out process, all of which could place Top End Energy Limited at the forefront of the emerging natural hydrogen sector. Conversely, the bearish view highlights the inherent risks associated with unrisked estimates; with early-stage exploration probabilities indicating modest chances for geological discovery, investors may remain cautious until further exploration and appraisal reduce the underlying uncertainties.