Noble Helium Limited (ASX:NHE) has raised AUD 12 million and contracted a drilling rig for its Kinambo campaign at the North Rukwa helium project in Tanzania, ending the June 2026 quarter with AUD 6.689 million in cash, according to its latest quarterly report.
The company converted AUD 6.603 million of existing loans into equity during the quarter, reducing its debt load as it moves toward the start of drilling.
Drilling contractor BoreXpert’s Schramm T130 XD rig is contracted to drill two wells at Kinambo, with additional wells contingent on the results of the first two.
Kinambo-1 will target the shallower levels of the structure to a depth of 850 metres, after being repositioned following 3D seismic reprocessing that improved imaging of the deeper subsurface.
Kinambo-2 will be drilled approximately 400 metres to the northeast, targeting the deeper Galula formation to a depth of around 1,750 metres.
The rig is expected to mobilise to the North Rukwa site in August 2026, after site preparation works and the delivery of long-lead items required for the Kinambo campaign got underway during the quarter.
Exploration and evaluation expenditure for the quarter totaled AUD 3.441 million, reflecting spending on the Kinambo site works, seismic reprocessing, and preparations ahead of the planned drilling campaign.
Post quarter-end, Jani Surjan was appointed Chief Financial Officer effective 6 July 2026, succeeding Owain Franks.
The Executive Chairman of Noble Helium, Dennis Donald, said the completed capital raise leaves the company “well positioned to undertake the planned Kinambo drilling campaign.”
Donald noted the raise also retired the majority of the company’s outstanding debt, strengthening its financial position ahead of drilling.
North Rukwa and The Helium Market
The North Rukwa Project lies within Tanzania’s Rukwa Basin, which the company describes as having potential to become the world’s third-largest helium reserve after the United States and Qatar.
Global helium supply has tightened as Qatar, Russia, and China restrict exports, pushing long-term contract prices higher.
An independent estimate by Netherland, Sewell & Associates put North Rukwa’s prospective helium resource at 225 billion cubic feet.
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