Noble Helium (ASX:NHE) has executed a binding agreement to acquire Earth Source Hydrogen (ESH) for 88.9 million shares.
The company will acquire 100% of ESH to access helium exploration potential across Western Australia. ESH holds two large onshore exploration special prospecting authorities (SPA) in the Southern Carnarvon Basin totaling approximately 40,000km².
ESH has completed a water bore hole sampling and testing program at both SPAs, with detailed independent analysis to be undertaken following completion.
Executive Chairman Dennis Donald says the combined helium exploration portfolio is ‘compelling’.
“ESH gives us exposure to a large and highly prospective helium exploration acreage in Western Australia that complements our existing Tanzania project where drilling preparations are underway at Kinambo,” Donald says.
“The framework for the exploration and development of helium in Western Australia follows the familiar petroleum model, and with helium in such high demand globally, the acquisition of ESH is a timely investment in Noble Helium’s long-term future and international aspirations.”
ESH Managing Director David Biggs says the combination is mutually beneficial for both companies.
“ESH is excited about the prospectivity it has worked up in each of its two Western Australia SPAs and looks forward to … [applying] for an exploration permit in each SPA area,” Biggs says.
Under the agreement, Noble Helium will issue fully paid ordinary shares to ESH shareholders, directors for outstanding loans, and loan noteholders. Approximately 88.87 million shares will be issued, based on the 30-day volume weighted average price last 17 August 2026.
The company intends to issue roughly 77.32 million shares to unrelated parties using available placement capacity under ASX listing rule 7.1, while seeking shareholder approval for an estimated 11.6 million shares to related party Condor Energy Investments.
Completion is subject to conditions including due diligence, ESH board resignations, and at least 75% shareholder acceptance. The transaction is scheduled to complete on 7 September 2026, with an annual general meeting expected in November 2026.
Noble Helium is an explorer focused on developing large-scale helium assets in Tanzania and Australia.
Write to Paula Fabe at Mining.com.au
Images: Noble Helium
