Noble Helium signs LOI with Sofori for drilling rig

Noble Helium Limited (ASX: NHE) has signed a Letter of Intent (LOI) with African drill contractor Sofori for the use of a Drillmec HH102 oil and gas rig in its North Rukwa Helium Project in Tanzania in Q3 2023. The LOI secures the rig to drill the Mbelele-1 and Pegere-1 prospects, which are estimated to hold a combined unrisked mean recoverable helium volume of 16.5 billion cubic feet. The North Rukwa Project has an independently certified unrisked mean helium resource of 176 billion cubic feet.

Noble Helium is collaborating with project neighbor Helium One Global and expects significant cost savings from a rig sharing agreement with Helium One and by strategically selecting the right-sized rig. Multiple expressions of interest have been received to fund the drilling program and participate in the North Rukwa Project. The company's leadership in Australia and its in-country team in Tanzania are developing co-operative partnerships with industry leaders and host communities to serve synergies, shorten timelines, and reduce costs.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com