Noble Helium wants to raise $13.5m to drill its first helium exploration well and purchase long lead items for the second exploration well at its North Rukwa Helium Project in Tanzania in Q3 2023.
The helium development and exploration company today (5th June) received firm commitments from institutional and sophisticated invests to raise the capital (before costs).
Justyn Wood, Chief Executive and Co-founder of Noble Helium, said the costs to drill the wells proved to be considerably less than originally estimated at the farmout process because of the company’s 50/50 co-operation agreement with Helium One.
“The farmout process elicited strong interest from many large industry players, who have remained engaged. Controlling 100% of all our projects creates significant scope for further engagement with these parties in the post-drilling stage,” he added.
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