Noble Helium Limited is preparing for its maiden drilling campaign at its North Rukwa Helium Project in Tanzania in Third Quarter 2023 after finalising its first targets along the project's western flank. The two wells, Mbelele-1 and Pegere-1, will target independent plays, selected from the Company's North Rukwa prospect and lead inventory for their high probability of demonstrating gas phase helium. The Company estimates a combined unrisked mean recoverable helium volume of 16.5 billion cubic feet (Bcf) for these two wells, developed from its North Rukwa lead inventory of 9 leads with an unrisked summed mean of 176 Bcf.

For reference, global annual helium production is approximately 6 Bcf and helium is selling on long-term wholesale contracts at a minimum USD 450 per thousand standard cubic feet (Mscf), or 50 times the price of LNG. Mbelele-1 will target a mean Prospective Helium Resource of 8.1Bcf in high quality Neogene reservoirs, trapped within a Basin Margin Fault Closure (BMFC) against basement. Total depth for the well is circa 800m true vertical depth (TVD).

With the benefit of the new exploration data, Mbelele is much larger in area than interpreted from legacy data. The Company has developed an internal resource estimate for Mbelele-1 based on the Neogene parameters used by NSAI, to provide a level of consistency between the two estimates. Mbelele- 1, Recoverable Helium in gas phase (Bcf), P90, P50, Mean, P10, Neogene Reservoirs, 2.5, 6.3, 8.1, 15.7. Pegere-1 will target a mean prospective Helium Resource of 8".

Pegere-1 will targets a mean Prospective Helium resource of 8.4 Bcf in deeper but also high quality Oligoecene-aged Nsungwe and Cretaceous-aged Galula reservoirs, trapped within a combination BMFC/basement onlap play. This basement onlap play has also been successfully tested elsewhere in the East African Rift. Depth to basement is circa 1,200m TVD.

The Company has similarly developed internal resource estimates for the Pegere-1 targets. Noble Helium is well advanced in identification of a drill rig that is capable of efficiently and cost- effectively completing both wells as planned. Discussions around a farm-out are also progressing well under the management of Lab Advisors in the UK.

The planned drilling campaign follows a comprehensive de-risking program undertaken across the basin over the last 11 months, including soil gas surveys, airborne gravity gradiometry, reservoir and seal studies, 2D and 3D seismic surveys and helium charge modelling. Individually and collectively, these studies point to a high probability of discovering gas phase helium in the subsurface at Mbelele and Pegere and proving a prolific and effective helium system in the north Rukwa Basin. The price for liquid helium under long-term contracts had risen more than 200% over the past two years to USD 450 per thousand standard cubic feet (Mscf) for long term Tier 1 contracts, and a recent short term NASA contract at over USD 1,100 /Mscf.

The increasing and un-substitutable use of helium in MRI machines, manufacture of semiconductors and aerospace ensures strong demand. At the same time, supply-side constraints such as depletion of the US BLM helium system and the delayed and geopolitically challenged Amur supply from Russia continue to reduce heliums availability under Helium Shortage 4.0.