D3 Energy Lists On ASX, Drills “World-Class” Helium Concentrations

D3 Energy Ltd (ASX: D3E) has revealed world-class helium concentrations from its first two wells drilled in the Free State Province, onshore South Africa.

Gas collected from RBD10 and RBD11 measured helium concentrations of 5.0% and 5.1%, respectively.

Both wells were drilled to a planned total depth of 546 metres, and while evaluation is ongoing, initial results are very encouraging.

$10 million IPO

D3 Energy started trading on the ASX today after completing a A$10 million IPO to advance its namesake natural gas and helium project in South Africa.

D3 Energy Managing Director and CEO David Casey said: “The results of our first drilling programme have been nothing short of an outstanding success.

 “Not only have we confirmed world class helium concentrations, but importantly we have significantly enhanced our understanding of the geological processes involved in gas migration and accumulation.”

 Additional drilling and testing

RBD10 was production tested and flowed at an average stabilised rate of 126 Mscfd (million standard cubic feet per day) for a 36-hour period without decline.

Total gas produced over the testing period was 275.2 Mscf.

Meanwhile, RBD11 will remain as a monitor well as additional drilling and testing is undertaken.

Material gas production

Casey added: “With production rates in excess of 120Mscfd, we are one of the very few listed helium companies with both exceptional helium concentrations and sustained material gas production rates from our first campaign.

 “It is also worth noting in our case, that the other major associated gas is methane (natural gas), which is and will be an increasingly critical resource for energy starved South Africa going forward.”

Casey noted that D3 Energy is in the rather unique position upon listing, of having exceptional measured helium concentrations, confirmed material gas production rates, and a significant independently certified respective helium and methane 2C Contingent Resource of 22.4 BCF and 474.6 BCF2.

 

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