Noble Helium Limited provided an update on its exploration activities in Tanzania. The Company is advancing preparations to discover gas-phase helium in the subsurface of the Rukwa Basin, SW Tanzania, and narrowing in on drilling candidates for spud in Third Quarter 2023. The 3D seismic program that commenced in 2022 has recommenced following replacement of the source vessel.

The remaining 80km2 of the program is being collected for processing and interpretation. The exploration program is on track for the commencement of drilling in Third Quarter 2023, with multiple suitable rig options identified. As announced previously, the Company is seeking partners for the drilling phase of the program in the North Rukwa Basin.

Multiple parties have shown an interest in participating, with non-binding offers due by the end of March. The Company is pleased to advise that, on 30th January, company's seismic contractor, BGP, successfully recommenced the final approximately 80km2 3D seismic survey over the Chilichili structures on the eastern side of Lake Rukwa. This is the last of the planned Phase I seismic programs prior to drilling in Third Quarter 2023 and is expected to be completed by late February, retaining Chilichili on the list of potential drilling candidates.

The Chilichili structure is currently estimated to host a mean Prospective Helium Resource of 10.5 Bcf primary helium (NSAI 2022), with the full stratigraphic section of the Rukwa Basin, including deeper Karoo sands, offering significant potential for stacked pay. It is highly likely the Chilichili structure would be an economically viable standalone drilling target with long- term liquid helium contracts recently executed at approximately USD 450/Mscf. As previously announced, the fully processed 3D surveys over the three western leads have now been received and are being integrated into company's Petrel subsurface model, with the Mbelele and Kachinga leads expected to mature to drillable Prospects and potential candidates for the upcoming 2023 drilling program (NSAI mean Prospective Helium Resource 10.0 Bcf and 7.9Bcf respectively).

The Company is confident that it will be able to announce high quality drilling candidates of potential economic significance in the coming weeks. Preparations for the 2023 maiden drilling campaign are now well underway with company's highly experienced drilling management team fully integrated into the Company and focussed on successfully delivering the well program. The team have networked with other Tanzanian operators to source a suitable drilling rig, resulting in four viable rig options under consideration for NHE's 2023 program, with a rig selection imminent.

In parallel, the farm-out process to fund the drilling program continues, with LAB Energy Advisors Ltd. appointed to manage the process. Multiple parties have been engaged and non-binding offers are due at the end of First Quarter 2023. As previously advised, with the Company now preparing to drill in the North Rukwa in Third Quarter 2023, the following activities are expected to be completed over the coming months: Definition of drilling candidates for the 2023 campaign; Finalisation of North Rukwa farm-out process; Execution of rig contract; Commencement of maiden drilling campaign in the North Rukwa Basin.