Noble Helium acquires Earth Source Hydrogen, adding ~40,000 sq km of helium-prospective acreage in Western Australia, expanding its global portfolio beyond Tanzania.
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Noble Helium (ASX: NHE) signed a binding agreement to acquire Earth Source Hydrogen, picking up roughly 40,000 square kilometres of helium-prospective acreage in Western Australia.
ESH holds two onshore Special Prospecting Authorities in the Southern Carnarvon Basin, with an exclusive right to apply for an exploration licence over each area. A third SPA application is underway. The existing SPAs sit adjacent to Noble Helium's EP512 and cover the same stretch of ground.
The acreage straddles the Yilgarn craton and western sedimentary basins. Noble Helium said the geological setting shows strong indications of helium potential.
The deal gives Noble Helium a WA exploration position alongside its Tanzania project, where drilling preparations are underway at Kinambo.
ESH has completed an extensive water bore sampling program across both areas. Independent analysis of the samples is planned after the acquisition closes. Noble Helium said it will provide a summary of results once the work is done.
Executive chair Dennis Donald called the combined portfolio "compelling". He said the exploration and development framework for helium in WA follows the petroleum model, and with strong global demand for helium, the acquisition is a timely investment in the company's long-term future.
Noble Helium will acquire 100% of ESH by issuing new shares to ESH shareholders and directors, and to loan noteholders after conversion of their convertible notes. The share count is generally calculated at a 10% premium to Noble Helium's 30-day volume-weighted average price at completion, with no premium applied to the director loan conversion.
Using the 30-day VWAP of $0.0285 at 17 August as an illustrative basis, Noble Helium would issue about 88.9 million shares under the agreement.
ESH intends to move toward exploration licence applications over each SPA area. Noble Helium plans to assess the completed bore sampling as it builds its understanding of the WA acreage.
Completion would broaden Noble Helium's international helium portfolio. The acquisition remains subject to outstanding conditions, and either party may terminate if those conditions are not satisfied or waived.
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