D3 Energy Reports Strong Helium Flow Rates at RBD10; Prepares for RBD12 Drilling

D3 Energy completed production testing of its RBD10 well at ER315 in Free State, South Africa with a relatively high flow rate of 191mcf/d over 14 days—an increase from the previous record of 126mcf/d from the same well. The gas composition at RBD10 includes 4.7% helium and 87.7% methane. The well is now shut in for reservoir pressure buildup before further testing. The company will now begin drilling at the nearby RBD12 well, budgeted to cost ~A$200k (~US$135k) to drill and complete which is similar to Renergen's cost profile for its Phase-1 development wells. The company also retracted two immaterial statements from its latest investor presentation.

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