- Binding agreement to acquire UK company Earth Source Hydrogen
- Take-over target holds significant prospective acreage opportunities in WA
- Onshore blocks give strong indications of potential helium resources
- Acquisition allows access to Southern Carnarvon Basin
Noble Helium (ASX: NHE) has entered into a binding agreement to acquire 100% of the issued share capital of Earth Source Hydrogen (ESH) which holds prospective exploration acreage in WA.
Incorporated in England and Wales, ESH has secured two large onshore exploration Special Prospecting Authorities (SPA) in WA (SPA-47 AO and SPA-44 AO) totalling approximately 40,000 square kilometres with the exclusive right to apply for an exploration licence in each SPA area.
Notably, an extensive water bore hole sampling and testing program at both SPAs has been completed.
Noble executive chairman, Dennis Donald, said a detailed independent analysis and evaluation of the bore hole samples will be undertaken and a summary of results will be provided to the market in due course following completion of the acquisition and assessment of the samples.
“The combined helium exploration portfolio of Noble Helium and ESH is compelling,” Mr Donald said.
“ESH gives us exposure to a large and highly prospective helium exploration acreage in Western Australia that complements our existing Tanzania project where drilling preparations are underway at Kinambo.
“The framework for the exploration and development of helium in Western Australia follows the familiar petroleum model, and with helium in such high demand globally, the acquisition of ESH is a timely investment in Noble Helium’s long-term future and international aspirations.”
Noble Helium has assets in Tanzania’s East African Rift System, where the company’s North Rukwa project is considered to have significant potential.
ESH MD, David Biggs, said ESH sees the combination with Noble Helium as benefitting both companies with each bringing complementary acreage and technical skills to the merger.
“ESH is excited about the prospectivity it has worked up in each of its two Western Australia SPAs and looks forward to moving to apply for an exploration permit in each SPA.
NHE was down 3.57% to 2.7¢. With a Mkt cap of $34.91M.
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