Noble Helium's Dennis Donald: "Extremely confident" as Kinambo drilling prep nears completion

He's walked the lines, we've prepared the roads, the camp's been built, and we're extremely confident that the equipment will arrive on site, um, clear in the customs in in an efficient and uh prompt manner.

Hello, you're watching Proactive. I'm joined by Dennis Donald, executive chairman at Noble Helium. Dennis, very good to speak with you. There's a lot of interest in the upcoming Kambo drilling campaign. Where's the rig at the moment?

Yes, so the rig and associated equipment is currently being mobilized to the um Kenyan- Tanzanian border, uh where it will undertake uh customs clearance. Um and we don't we don't anticipate any problems with that customs clearance. It'll then be transported to Kambal where we'll set up and commission prior to drilling. And uh I just like to remind everybody that um our COO Dermit has been down to Tanzania.

He's walked the lines, we've prepared the roads, the camp's been built, and we're extremely confident that the equipment will arrive on site, um clearing the customs in in an efficient and a prompt manner.

Uh, Dennis, you're targeting an October spud, but there have been questions over the drilling timeline. What gives you confidence the program will now start as planned?

I'm extremely confident um that it will start as planned. The issue that we have is we have to wait for the SLB um um equipment and they're critical to the success of our of our drilling campaign. Um SLB are arguably the best and most efficient logging and uh data collection, sampling company in the world. And currently, um the the the sampling and logging tools is in Tanzania and it's working for another company.

And we're a little bit stymied until we can access uh the equipment when the other company has to finish first. Um we believe that that the the that uh the other company will be finished by the middle of October, before the middle of October, and um there'll then be a day whilst they redress or two days while they redress the equipment and then it will arrive on site for us. What we're looking to do is to get the drilling and the logging and sampling equipment to arrive together such that the prog everything's there and there are no hiccups with the program. We have to ensure that everything's there. Um it is the most efficient um way to undertake the drilling program.

In the last couple of months, you've changed the well locations and sequencing. What was your thinking behind those decisions?

Yeah, so additional technical uh works demonstrated good indications of gas in both uh the shallow and the deep lake beds. Um these firm well locations have been um independently assessed. We're extremely confident in both of them. Um we've checked back with both SLB and with our reserve certifiers, Netherland Sewell. and the additional check-in and the additional technical work has um has allowed us to absolutely firm up on the well locations and sequencing. That won't change going forward.

Once drilling starts, how will you keep the markets informed on progress, results and any changes to the program?

Well, of course, there's going to be an extreme amount of interest. and I have to say that of late as the as the well program comes comes forward and it's obvious that it's going to start, we've had a tremendous amount of interest. So myself and the board will be given a daily update by the operational team. We're currently discussing what the best way to report. It may be that we do a weekly report, and if there's something specific to report, we can report from site. But what I can assure you is the shareholders and the wider market will be kept appraised on a regular and an appropriate manner.

Dennis, shareholders are also interested in the decision to acquire Earth Source hydrogen. Why did Noble Helium make that investment and how does it fit into the company's overall strategy?

Yeah, I I can understand the the the interest in in Earth source hydrogen. And what I'd say to you there, Stephen, is we believe the Earth source gives um noble a wider strategic footprint and the the Earth source hydrogen acreage is in the Perth Basin, which is my old stomping ground. I spent 18 years there. I know it very, very well. And what we intend to do within the next two weeks is we intend to put more information out to the market. and we intend through your good agencies to undertake a longer podcast where we'll lay out for our shareholders exactly why we made this this very um cost effective strategic move into into an area that's very well known. And uh the some of the Earth source team will be on that podcast with me. And I I believe that once we have that podcast, that the shareholders um will will have a high degree of confidence that we've made the the correct strategic move in acquiring Earth source.

Well, we look forward to hearing more about that transaction, Dennis, but thank you very much for the update today.

Thank you, Stephen.

Dennis Donald, executive chairman of Noble Helium.