Noble Helium Limited provided an update on its helium exploration activities in Tanzania as it continues to advance preparations to discover gas-phase helium in the subsurface of the Rukwa Basin, SW Tanzania, and narrowing in on drilling candidates for spud in Third Quarter 2023. The 3D seismic program that commenced in 2022 has now been completed with the acquisition of the broad 3D area over the Chilichili lead on the eastern side of Lake Rukwa. A further 27km of 2D seismic lines were also collected over the Mbelele lead on the western side of the lake for final prospect delineation and wellsite location.

Initial results from the Phase I seismic program have confirmed the presence of all targeted leads. With the benefit of all de-risking studies that are now concluding, the Company has confidence that multiple drilling targets will be matured to drillable status, beyond the initial two that are in preparation for drilling in Third Quarter this year to demonstrate the presence and effectiveness of a working helium system in the North Rukwa basin. Definition of 2023 Drillable Prospects is on track for completion in first quarter, as previously advised, and discussions with potential Joint Venture partners are on track for the completion of a farm-in in second quarter.

The Company is pleased to advise that it has completed the final ~80km2 wide-azimuth 3D seismic survey over the Chilichili structures on the eastern side of Lake Rukwa. This is the last of the planned Phase I seismic programs prior to drilling in Third Quarter 2023, retaining Chilichili on the list of potential drilling candidates. The Chilichili structure is currently estimated to host a mean Prospective Helium Resource of 10.5 Bcf (billion cubic feet) primary helium (NSAI 2022), with the full stratigraphic section of the Rukwa Basin, including deeper Karoo sands, offering significant potential for stacked pay.

It is highly likely the Chilichili structure would be an economically viable standalone drilling target with long-term liquid helium contracts recently executed at ~USD 450/Mscf (thousand cubic feet). As previously announced, the fully processed 3D surveys over the three western leads have now been received and are being integrated into PetrelTM subsurface model, with the Mbelele and Kachinga leads expected to mature to drillable Prospects and potential candidates for the upcoming 2023 drilling program (NSAI mean Prospective Helium Resource 10.0 Bcf and 7.9Bcf respectively). As a refinement to the Mbelele lead, a further 27km of 2D seismic has now been completed.

Following field interpretation of the data, the Company is confident that multiple high Probability of Success (POS) drilling candidates will emerge from the integration of all new data by the end of the quarter, with the two best targets to be drilled this year. Community Relations: Noble Helium is committed to providing positive outcomes for the host communities in which operate. The seismic program involved the direct and indirect employment of more than 160 local community members over the course of the five-month program and healthy community relationships have been established.

During the Chilichili seismic program in the Isome area, the community enjoyed the Isome Football League, a coordinated series of games with the seismic team and local villages, sponsored by Noble Helium. The conclusion of the Chilichili survey was celebrated with the Isome Grand Final. 2023 Drilling Program and Farm-out: fully integrated drilling management team is focussed on successfully delivering the 2023 two well program.

The Company expects to generate multiple drilling targets based on the new seismic survey interpretation, with the 2023 wells to be selected based on a combination of Probability of Success in discovering gas phase helium and probability of execution success during maiden drilling campaign in the basin. The Company have executed a cooperation agreement with neighbours in the Rukwa Basin, Helium One Global Limited to cooperate in sourcing and securing a suitable drilling rig, associated services and arranging logistics as required for the Drilling Campaign. The company expects this common-sense development to result in significant synergies and cost savings, for the benefit of both groups and respective shareholders.