Noble Helium Locks in 40,000km² of WA Hydrogen Ground as Tanzania Drill Nears
Key Takeaways
- Noble Helium secured 100% acceptance from Earth Source Hydrogen shareholders, completing the acquisition on 30 September 2026 with 87,172,786 NHE shares issued as consideration.
- The deal adds over 40,000 km² of helium and hydrogen exploration acreage across three Special Prospecting Authorities in Western Australia's Southern Carnarvon Basin, two of which sit adjacent to existing EP512 acreage.
- The acquisition was settled entirely in scrip at a 30-day VWAP of $0.02882, with no cash consideration — preserving Noble Helium's balance sheet ahead of the Kinambo drilling campaign.
- Water bore hole sampling programmes at SPA-47 AO and SPA-44 AO are complete, with independent analysis underway and results to be released to the market upon completion.
- The Kinambo drilling campaign at Noble Helium's North Rukwa Project in Tanzania is expected to commence in October 2026, representing the company's most advanced near-term operational catalyst.
Noble Helium locks in 100% of Earth Source Hydrogen in Western Australia deal
Noble Helium (ASX: NHE) has completed its acquisition of unlisted UK company Earth Source Hydrogen Limited (ESH), receiving acceptances from 100% of ESH shareholders. The deal adds over 40,000 km² of helium and hydrogen exploration acreage across three Special Prospecting Authorities in Western Australia’s Southern Carnarvon Basin to Noble Helium’s portfolio.
The unanimous acceptance result met all conditions precedent required to close the transaction, with completion confirmed on 30 September 2026. A total of 87,172,786 NHE shares were issued or to be issued as consideration for the acquisition, including shares already issued and shares pending shareholder approval.
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What Noble Helium acquired and why the Southern Carnarvon Basin matters
Special Prospecting Authorities (SPAs) are exploration tenure instruments that grant the exclusive right to apply for a full exploration licence over a defined area. Think of them as a formal, legally protected first step in the Australian exploration licensing process. Securing SPAs over ground of interest gives a company the exclusive pathway to convert that tenure into a full exploration permit.
ESH holds two granted SPAs in Western Australia’s Southern Carnarvon Basin and is in the process of applying for a third. The geology of these blocks straddles the Yilgarn craton and western sedimentary basins, a setting that Noble Helium says exhibits a range of factors indicating the potential for significant helium resources.
Two of the three SPAs sit adjacent to EP512.
Here is the current status of each SPA:
- SPA-47 AO: Water bore hole sampling programme complete; independent analysis underway
- SPA-44 AO: Water bore hole sampling programme complete; independent analysis underway
- SPA/AO-0145: Ground gravity survey planned, pending native title agreements and environmental plan approval
Results from the bore hole sampling programme at SPA-47 AO and SPA-44 AO will be released to the market following completion of the independent assessment.
Deal structure — how the acquisition was settled
The acquisition was settled entirely in NHE shares, with no cash consideration. Share pricing was calculated using a 30-day volume-weighted average price (VWAP) of $0.02882 as at 24 September 2026. Three categories of ESH stakeholders received shares, each at a slightly different price reflecting the nature of their entitlement.
| Recipient Category | Share Price | Shares Issued |
|---|---|---|
| ESH Shareholders | $0.0317 | 59,549,402 |
| ESH Directors (loan conversion) | $0.0288 | 5,030,554 |
| ESH Loan Note Holders | $0.0285 | 11,299,810 |
| Total non-related party shares issued (30 Sept 2026) | — | 75,879,766 |
| Related party shares (Dennis Donald and nominees, pending AGM approval) | — | 11,293,020 |
| Total shares issued for acquisition | — | 87,172,786 |
Of the total, 75,879,766 shares were issued to unrelated parties under NHE’s available placement capacity pursuant to ASX Listing Rule 7.1. The remaining 11,293,020 shares, attributable to Executive Chairman Dennis Donald and his nominees, have not yet been issued. These require shareholder approval under ASX Listing Rule 10.11, given Dennis Donald’s status as a related party by virtue of his directorship, and that approval will be sought at the upcoming AGM.
Noble Helium’s all-scrip approach to settling the ESH acquisition sits alongside its recent loan restructuring and fresh capital raise of $2.15 million, moves that collectively shaped the company’s balance sheet position heading into the Kinambo drilling campaign.
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What’s next — Tanzania drilling and portfolio momentum
With the ESH acquisition closed, Noble Helium’s attention turns to its near-term operational catalyst: the Kinambo drilling campaign at its North Rukwa Project in Tanzania, which is expected to commence in October 2026.
Dennis Donald, Executive Chairman
“The successful acquisition of ESH, achieved with 100% acceptances, reflects a level of confidence in Noble Helium’s strategy and recognises the long-term benefits for both parties of a geographically diversified helium exploration portfolio. … This is an exciting time for the Company as we make final preparations for the Kinambo drilling campaign in Tanzania, which is expected to commence in October.”
The key near-term developments to watch from Noble Helium’s expanded portfolio are:
- Kinambo drilling campaign (Tanzania): Expected to commence October 2026, representing the company’s most advanced near-term operational milestone
- SPA bore hole sample results: Independent analysis of samples from SPA-47 AO and SPA-44 AO is underway; a market update is anticipated following completion of assessment
- SPA/AO-0145 gravity survey: Work is planned once native title agreements are concluded and an environmental plan has been approved
Noble Helium now holds exploration interests across two continents: an advanced, near drill-ready position in Tanzania through the North Rukwa Project, and an early-stage but expanding footprint in Western Australia where the new SPAs sit adjacent to existing EP512 acreage. The Western Australian tenure remains early-stage, with no resource estimates established, but the bore hole sampling programme already completed at two of the three SPAs represents meaningful progress toward determining exploration permit applications.
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