RE: Noble helium26 Nov 2023 23:29
NOBLE - RNS - 27 November 2023 - Project Updates
• Mbelele-2 reaches Total Depth of 763.5mMD in basement
• Multiple zones of interest identified, logging and sampling now in progress
• A$4.6M unsecured loan linked to Tanzanian VAT refunds secured
Noble Helium Limited (ASX:NHE) (“Noble Helium” or “the Company”) has
completed drilling Mbelele-2, reaching a 763.5mMD Total Depth (TD) in
basement at the Company’s 100% owned North Rukwa Helium Project in
Tanzania.
Justyn Wood, CEO Commented:
“It’s extremely pleasing to have completed the drilling stage at Mbelele-2 on time and safely, and with excellent borehole conditions so that we can now proceed to confidently collecting the data we need to define the helium associated with the Mbelele structure. Early indications are excellent and consistent with the results to date at Mbelele-1.”
Significant helium increases in the mud gas have confirmed multiple zones of interest in the Mbelele2 wellbore, including some pre-drill zones of interest and additionally open-fractured basement, where the highest mud gas helium readings were encountered at multiples of background.
The wireline logging and sampling program is currently underway and preliminary results expected to be available in the near-term. The well will then be lined and suspended to allow for potential future flow testing after the coming wet season.
Mbelele-1 downhole samples are now being prepared for export from Dar es Salaam after securing the necessary government approvals for customs clearance. With the processes and procedures now in place, the Mbelele-2 samples will also be able to be exported shortly after acquisition and anticipate both Mbelele-1 and Mbelele-2 results to be available from mid-December.
The Company is also pleased to advise it has entered into an unsecured VAT loan agreement (Loan Agreement) pursuant to which a net total of A$4.35 million will be advanced to the Company by sophisticated and professional parties, including Executive Chairman, Shaun Scott, and NonExecutive Director, Greg Columbus who will together advance A$1.5 million.
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