Noble Helium Limited (ASX:NHE) recently announced that it has received from the Tanzania Revenue Authority (TRA) the first Tanzania VAT refund of USD 1.285 million.
The VAT refund was received after completing the required audit process and review with TRA. Under the terms of the VAT Loan Agreement, the company is not required to use the first refund to repay the VAT Loan.
The company has also now completed the audit process and lodged with the TRA all of the required documentation in relation to the VAT refund for the period to 31 December 2023 of approximately USD 3 million.
Noble Helium Managing Director & CEO, Mr Shaun Scott, said “This significant injection of funds will allow us to undertake further value-adding exploration works in Tanzania beyond the planned appraisal of the probable gas cap identified at Mbelele.”
Noble Helium has four key projects located along Tanzania’s East African Rift System covering a total of 5,464km2 of premium helium acreage.
The North Rukwa Project is the company’s flagship project located in the Rukwa Basin in southwest Tanzania, which comprises twelve granted Prospecting Licences (PL) covering a combined area of approximately 1,467 km2.
In December 2023, Noble Helium’s former CEO Justyn Wood, commented that the Mbelele-2 well, the company’s maiden drilling program, has been an incredible success, both operationally and in confirming the potential for a significant helium resource. Multiple data points throughout the drilling campaign point to a prolific helium system: a probable 10-15 meter column of nitrogen and helium at the crest, helium-rich downhole samples calculated at 2-3% helium in exsolved gas, and helium-rich gas bubbles in the drilling mud at multiple depths in both wells.
