D3 Energy (D3 or the Company) is a natural gas and helium developer listed on the Australian Securities Exchange on 13 May 2024.
Its cornerstone asset is Exploration Right ER315 in South Africa’s Free State Province, a major onshore permit covering approximately 811 km², and situated immediately east of Renergen Limited’s producing Virginia Gas Project.
Initial drilling across ER315 has delivered world-class helium concentrations exceeding 5%, confirming the Company’s geological model and establishing the region as a globally significant helium province.
This exploration success has since been reinforced by substantial regulatory and technical progress. The Company has completed a maiden reserve certification over part of ER315, defining 1P reserves of 7.21 BCF and supporting its Production Right Application, which has now been formally accepted by South Africa’s Petroleum Agency (PASA).
In addition to ER315, D3 holds multiple permits in South Africa, including ER386, TCP 273, ER391, ER392 and ER393 bringing its total landholding in the region to just under 2000 km². These assets are defined by their low-cost nature and high prospectivity, making exploration and development economically competitive.
In June 2025, D3 Energy expanded into Australia, securing PEL 121 and PEL 122 in the Arckaringa Basin, South Australia. These permits, covering ~5,865 km², mark a strategic entry into a frontier basin with growing interest in helium and clean hydrogen exploration. Since acquisition, the Company has also commenced farm-out discussions for the Hydrohelix prospect to support future drilling activity.
D3 Energy now operates in two geographies, South Africa and Australia, with a dual-hemisphere portfolio targeting critical energy and industrial gases.
In South Africa, the Company’s work is vital in a region facing severe energy shortages. Its focus on identifying and developing natural gas reserves supports the country’s transition toward a more reliable and sustainable energy future.
Initial exploration work undertaken by D3 Energy has allowed the company to certify outstanding Contingent and Prospective Resource estimates on a shoestring budget
Contingent Resource category dwarfs other ASX listed Helium players.
Two well drilling programme completed safely on time and on budget with excellent results
Helium concentrations across other gas producing boreholes of 4.4% to 7.7%
World class helium concentrations measured in RBD10 & RBD11 of 5.0% and 5.1% respectively.
Achieved independently certified methane and helium reserves.
RBD10 flowed has at an average flow rate of 264 Mscfd for a 14-day period.
RBD03 flowed gas at a stabilised flow rate of 194 Mscfd over a 14 day period with no evidence of decline.
Results support a geological model which augers well for further success as the model continues to be refined.
The Permits are situated southwest of Johannesburg in the eastern northwestern part of the Greater Karoo Basin, a sedimentary basin that lies atop the Archean Witwatersrand basin. The Karoo basin is a large Permian-aged terrestrial and glacial basin covering most of the east and southeastern portions of South Africa (Figure 1). The Karoo Basin is composed of sandstones, coal seams and carbonaceous shales, primarily in the Ecca Group. Within the coal sequences are multiple thin-bedded coal seams that have some coal seam gas potential.
Unconformably at the base of the Karoo, and on top of the Witwatersrand Supergroup, is the frequently faulted Ventersdorp Supergroup, which consists primarily of volcanic lithologies. Many of these faults do not extend upwards beyond the upper Ventersdorp Supergroup. Additionally, there is almost always a basal glacial deposit on top of the unconformity that separates the Karoo from the Ventersdorp known as the Dwyka Tillite.
The Witwatersrand and Ventersdorp Supergroups experienced greenschist metamorphism and are both extensively fractured, due to sustained tectonic activity.
Below the Karoo Basin unconformably lies the Precambrian Witwatersrand Basin, which contains the Free State Gold Field. The Free State Gold Field is a major graben structure that is bounded on the west by the “Border” fault, and on the east by the “deBron” fault. Displacement in the order of 1000 meters is encountered along the strike of the deBron fault. The displacement is toward the west. In certain areas, the fault zone amounts to 150m in width and is partly filled with secondary quartz and calcite, resulting in permeability along the strike distance of the fault although this can vary considerably.
These ‘basement’ lithologies have been tectonically flexed into a large east-to-west trending anticline that is in turn bisected by a large extensional graben (low area) and many faults with significant throw (offset) that extend deep into the earth’s crust.
Figure 1. Map of Karoo Basin, South Africa
Figure 2. Map of D3 Energy portfolio, Free State, South Africa
The primary source of the methane gas in the area is microbial in origin from deep within the Witwatersrand Supergroup with groundwater circulating through the large faults and coming in contact with bacteria living deep within the Archaean crust. Methane isotope studies demonstrate that very little, if any, of the methane can be attributed to the Karoo coal beds or the carbonaceous shales. Thus, methane is a biogenic and a continuing regenerating resource. There is anecdotal evidence of historic blowers within the area of ER315 producing methane gas for over forty years without any discernible pressure drop, however there are no quantified studies to date.
D3 Energy’s newly acquired PEL 121 and PEL 122 are located in the Arckaringa Basin, a large, underexplored sedimentary basin in central South Australia. The basin is similar to the Amadeus Basin, 250km to the north where the Mt Kitty-1 well measured helium of (9%), hydrogen (11.5%)
and methane (13%).
Figure 4. Map
Work undertaken by D3 indicate the presence on seismic of several salt structures thick enough to seal large offset faults
To date, the Arckaringa Basin has not had well penetrations deep enough to test the pre-salt
sediments or fractured basement
Stratigraphy contains Proterozoic and Paleozoic sediments, with analogues to known hydrogen-rich systems
Favourable conditions for the generation and trapping of naturally occurring hydrogen (white hydrogen) and noble gases
Early-stage exploration is focused on refining prospective targets through desktop geological studies and seismic interpretation.
ER315 is situated towards the east of de Bron fault. In the northern part of the ER315, a major horst structure i.e. de Bron horst is present between the de Bron and Homestead faults respectively. No gold bearing sediments occur in the horst. Detailed drilling defined the eastern limit of this horst structure along the Homestead fault. East of the Homestead fault, gold bearing sediments were intersected again.
Two major fault systems, i.e. the Virginia and Ventersburg faults, occur in the eastern part of ER315. The displacement again was towards the west. Despite these major north-south striking structures several east-west faults are also present or could be extended into the Motuoane License. The east-west structures are the oldest structures in the Witwatersrand basin. Many kimberlite fissures and Karoo age dolerite dykes intruded into the younger strata along these structures. The east-west structures were right laterally displaced by north-south striking structures resulting in a very complex tectonic environment. The importance of these structures is vested in the presence of methane gas occurrence associated in or in close proximity of the structures.
The Virginia Fault, which has yielded large volumes of methane gas in nearby gold and gas projects, is present within ER315 and constitutes a major area to be explored. The gas potential of this fault and the one directly below it must be considered gas targets.
Also existing within ER315 is the Ventersburg Fault, which requires further investigation to ascertain its potential as a gas target. Outside of ER315, potential gas targets can be present where extensions of the east-west striking faults intersect the Ventersburg Fault. A major gas yielding borehole, directly in or in very close proximity to the Homestead fault occurs on the farm Nooitgetdacht in the northwestern part of ER315. The Company intends to drill at least one initial well in the areas of the Nooitgetdacht blower boreholes as part of its drilling program.
D3 Energy’s newly acquired PEL 121 and PEL 122 are located in the Arckaringa Basin, a large, underexplored sedimentary basin in central South Australia. The basin is similar to the Amadeus Basin, 250km to the north where the Mt Kitty-1 well measured helium of (9%), hydrogen (11.5%) and methane (13%).
Key geological features:
Work undertaken by D3 indicate the presence on seismic of several salt structures thick enough to seal large offset faults
To date, the Arckaringa Basin has not had well penetrations deep enough to test the pre-salt sediments or fractured basement
Early-stage exploration is focused on refining prospective targets through desktop geological studies and seismic interpretation.
D3 Energy has commenced farm-out discussions for the Hydrohelix prospect to support future drilling activity.
The Company has submitted an application for an exploration right to explore for petroleum, natural gas, gas and condensate, which has been accepted by the Petroleum Agency of South Africa (PASA), the regulator. The Company intends on progressing this application upon being admitted to the Official List, including obtaining relevant environmental authorisation approvals. Along with the TCPs, the Company views ERA386 as having the potential to add valuable additional exploration upside to ER315.
In early 2026, the Company was granted a new Technical Co-operation Permit, TCP 273, located adjacent to its existing exploration and application areas in South Africa’s Free State Province. TCP 273 covers an area of approximately 336 km², further expanding the Company’s exploration footprint within the region. This TCP is granted for a period of 12 months over which time the Company will undertake low-cost desktop studies to form an initial assessment of prospectivity. At the end of the 12-month period, the Company may apply for the issue of an Exploration Right over the area.
Together with its South African assets, D3’s expansion into Australia delivers a compelling dual- hemisphere strategy in natural gas, helium, and hydrogen.
