D3 Sees Positive Well Developments in ER315 Testing, South Africa

D3 Energy announced results from its multi-well production testing program at ER315 in the Free State, South Africa. The RBD03 well achieved a stabilised flow rate of 149mcf/d over a 7-day period, almost double the previous rate, with a total gas production of 1,045mcf. Helium and methane compositions are expected to align with RBD10 and RBD11, around 5% helium and 85% methane. Following these results, re-testing of RBD10 is planned, alongside the commencement of drilling at RBD12. The company’s comprehensive testing regime aims to inform well interference and spacing decisions, supporting a production right application to South African authorities. Additionally, D3 Energy reported its Q2'24 update highlighting its successful IPO on the ASX, raising A$10mm, and its initial exploration wells, RBD10 and RBD11, which demonstrated high helium concentrations. The company believes that it holds a 2C helium and methane resource of 22bcf and 475bcf respectively along with an additional 2U best case unrisked prospective helium and methane resource of 27bcf and 573bcf respectively. D3 Energy ended the quarter with a cash balance of A$8.6mm.

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