D3 Energy's 2-Well Helium Push Hits Key Phase-Nooitgedacht Testing Could Expand the Story or Expose the Gap

Nooitgedacht testing, not spudding, is now the decision point

The near-term focus is on further evaluation and testing scheduled after intermediate casing is installed. Nooitgedacht is no longer being judged on one good intersection alone. The nearby Major borehole already put helium on the map, with 95,000 standard cubic feet per day average flow and helium concentrations of 5.6% and methane at 83.2% when tested in January 2025. That is the benchmark, but a benchmark is not yet a reserve base.

The two-well campaign has a narrower purpose: test deliverability and gather more helium and methane data so D3 can judge whether Nooitgedacht is repeatable. That matters for reserve-base growth and for converting additional exploration rights into production rights.

What the drilling has and has not confirmed

NGT245 E showed the target is reachable

The first well did the basics right. NGT245 E reached 363m, intersected the planned gas-bearing zone, and flowed gas to surface before the rig moved to the next location.

That is useful, but it is not the investable result by itself. It mainly confirms that the target exists and that the first well can now be brought into the testing phase once intermediate casing is installed.

NGT245 D determines whether the system is repeatable

The second well, NGT245 D, was spudded on 30 July and had reached 80m with surface casing installed, puts the program on the next hinge point. D3 plans to finish drilling both wells first, then return to complete the evaluation and testing work.

If both wells are tested in close succession, investors can start judging whether the area behaves like a connected, repeatable gas system or like separate fracture intersections. That distinction matters far more than speed alone.

Why testing matters more than headlines

The permitting angle is part of the valuation path, not just paperwork. The two-well campaign is meant to support conversion of exploration rights into production rights and may feed into potential additional Production Right applications. In other words, good data can become legal production capacity. Isolated or weak data stays a promising anomaly.

For the story to move from field interest to asset value, D3 still needs to show:

• sustained deliverability, not just surface gas flow
• a repeatable signal across both wells
• enough technical confidence to support reserve-base growth

That is the clean chain: drilling proves presence, testing proves performance, and repeated performance is what makes a reserve-base case credible.

The market debate: real upside or an execution trap?

Both bulls and skeptics can agree on the sequence. D3 has moved quickly, but the valuation case still depends on further evaluation and testing scheduled after intermediate casing is installed.

What is actually proven

Right now, the record is clear but narrow:

• The first well reached target depth and intersected gas.
• The nearby Major borehole showed high-volume flow with meaningful helium and methane content.
• The two-well program is designed to assess deliverability and support rights conversion.

What is still unproven

A strong historical test and a surface gas intersection do not yet make Nooitgedacht a bankable reserve story. Drilling says the target is there. Testing will show whether it matters at scale.

The bull case improves if both wells show usable deliverability and help extend the reserve base across ER315. The bear case is simpler: if testing shows only isolated flow, Nooitgedacht remains interesting rather than investable, and the jump from exploration rights to production rights stays more permit-driven than reserve-driven.

What investors should watch next

The next key step is not another drilling milestone. It is further evaluation and testing scheduled after intermediate casing is installed. That is where the Nooitgedacht story either upgrades toward development or reverts to a promising but unrepeatable find.