Key Takeaways

  • D3 Energy (ASX:D3E) advised that a drilling programme has commenced at Nooitgedacht, part of its Exploration Right 315 (ER315) area in the Free State Province of South Africa.
  • Nooitgedacht is a farm in the north-western part of ER315, situated near the Homestead fault, where historic gas "blowers" have reportedly flowed methane over an extended period.
  • D3 Energy's South African projects target both helium and natural gas (methane), the commodities central to its stated development strategy.
  • D3E shares were up about 17.7% on 23 July 2026, at the time of writing.
  • The drilling update follows earlier reserve and resource certifications reported across the company's ER315 and ER386 permits.

D3 Energy confirmed to the ASX on 23 July 2026 that a drilling programme had commenced at Nooitgedacht in South Africa. The site sits within Exploration Right 315 (ER315), one of the company's flagship licence areas in the Free State Province, a region D3 Energy has been developing for its helium and natural gas potential.

Nooitgedacht itself is described as a farm in the north-western part of ER315, located in or very close to the Homestead fault. Company project material notes that a major gas-yielding borehole occurs on the farm, and that historic "blowers" in the area have produced methane over a period spanning several decades. The gas in the region is characterised as microbial methane sourced from the deeper Witwatersrand Supergroup.

The commencement of drilling represents a shift from resource assessment toward active field activity at this specific target. The company has not, in the material reviewed for this article, published detailed per-well results from the new programme, so any drilling outcomes remain to be reported.

Inside the ER315 Project

Nooitgedacht forms part of the broader ER315 exploration right, which project documentation describes as covering roughly 811 square kilometres in the Free State. D3 Energy has previously reported an independently certified maiden reserve at ER315 covering an initial group of wells along the western Virginia fault line.

Those earlier certifications, reported ahead of this drilling update, included proved (1P), proved-plus-probable (2P) and proved-plus-probable-plus-possible (3P) categories for both methane and helium. The company has also reported a maiden 2C recoverable helium resource of 14.0 billion cubic feet (BCF) at its neighbouring ER386 permit, lifting its stated combined portfolio resource base across multiple permits. These figures relate to prior announcements rather than to the Nooitgedacht drilling programme itself.

Beyond South Africa, D3 Energy has also reported expanding into Australia's Arckaringa Basin through petroleum exploration licences, broadening its footprint across helium, natural gas and hydrogen. David Casey has been identified in company communications as Managing Director and Chief Executive Officer.

Share Price and Trading Context

D3E shares were up about 17.7% on 23 July 2026, at the time of writing. This figure reflects a single point-in-time reading and may not represent the closing price or subsequent trading.

The share-price move occurred on the same day the drilling announcement was released. While the timing invites a connection, intraday movements in small-cap explorers can be influenced by multiple factors, and this article does not assert a definitive cause. A verifiable closing price was not available at the time of writing.

Potential Opportunities

For a company at D3 Energy's stage, the start of a drilling campaign can be a meaningful operational step, moving a target from study to the drill bit. Helium is a specialised, globally traded gas, and the company has positioned its Free State acreage as a combined helium and natural gas province. Prior reserve and resource certifications, if progressed toward development, could underpin the company's stated ambition to reach first production later this decade.

Risks and Considerations

D3 Energy is an exploration-stage company, and exploration and appraisal drilling carries inherent technical risk. There is no assurance that the Nooitgedacht programme will deliver commercial flow rates, confirm resource expectations, or convert into producing assets. Development steps such as production-right approvals, funding, processing infrastructure and offtake all remain subject to execution and regulatory timelines. Early-stage explorers are also typically pre-revenue and can be subject to share-price volatility.

What Investors May Watch Next

Key items to monitor include any results or updates from the Nooitgedacht drilling programme, progress on production-right applications across the ER315 area, further reserve or resource certifications, and updates on the company's Australian acreage. Funding arrangements and any guidance on the path toward first production may also be relevant.

A Balanced View

The commencement of drilling at Nooitgedacht marks a concrete operational milestone for D3 Energy within its Free State helium and gas strategy, and the move coincided with a notable share-price rise on 23 July 2026. At the same time, the company remains an early-stage explorer whose ultimate value depends on drilling outcomes, development approvals and commercialisation that have yet to be demonstrated. Investors weighing the update should distinguish the verified fact of drilling having started from any expectation of results.