D3 Energy (ASX:D3E) has continued to expand its global industrial gas position with the award of a new exploration permit in South Africa. The company has been granted a new technical cooperation permit (TCP273), which sits adjacent to its existing exploration and application areas in the Free State Province.
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Covering an area of 82,777 acres, TCP273 increases D3 Energy’s total granted and applied-for exploration footprint in the region to 478,699 acres.
The Australian gas explorer today told shareholders the new permit award allows the company to expand on its previous drilling success in structural trends in the region. MD and CEO, David Casey, said the new permit supports the company’s successful appraisal work in the ER315 area, where helium concentrations of up to 6.2% were recovered from shallow boreholes at sustained rates.
“This is the culmination of extensive geological modelling based on proprietary in-house algorithms and adds meaningful exploration upside, strengthening our position as a leading helium developer and explorer,” Mr Casey said.
He continued: “It also builds on the momentum we’re generating across the portfolio, including the commencement of FEED work for PR016, and provides the opportunity to further advance our understanding of this highly prospective region.”
The TCP is granted for one year and involves low-cost, desktop-based geological and geophysical studies. Upon completion of these studies, D3 Energy anticipates it will apply for a full Exploration Right over the area.
The company has already confirmed the benefits of this pathway in progressing from TCP to ER status at ER386, where the application for the grant of an ER is currently being progressed by regulatory authorities.
The South African award comes just weeks after D3 Energy completed the acquisition of two highly prospective hydrogen exploration permits, PEL 121 and PEL 122, in the Arckaringa Basin in South Australia.
The permits were added to the company’s growing global portfolio through the purchase of 100% of the shares in Unleash Energy.
D3E has been selling steady at 36.5cps this morning.
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