KEY POINTS
- D3 Energy expanded its South Africa acreage to 478,699 acres during the March 2026 quarter.
- The company raised $6.12 million to fund drilling, seismic work and engineering studies ahead.
- D3 closed the quarter with $8.1 million cash and 7.6 quarters of available funding runway.
D3 Energy Ltd has expanded its helium and natural gas acreage in South Africa and secured fresh funding during the March 2026 quarter, as the company pushes its flagship ER315 project toward the next stage of exploration.
Managing Director and CEO David Casey said the quarter marked a period of significant progress, pointing to portfolio growth and improved funding certainty despite volatile market conditions.
South Africa footprint grows
The headline development was the formal acceptance of three new exploration right applications, ER391, ER392 and ER393, all contiguous with the ER315 permit. If granted, the applications would materially expand D3’s development position in the Free State Province.
The company also secured a new Technical Cooperation Permit, TCP273, adjacent to ER315. That addition lifted total Free State acreage to approximately 478,699 acres. The permit sits along proven structural trends linked to helium and methane discoveries, offering low-cost exploration optionality as D3 prepares multi-well drilling and seismic acquisition programs at ER315.
The scale of the resource base at ER315 underpins the development case. Independently certified figures show contingent gas resources of 533 billion cubic feet, including 21.7 billion cubic feet of helium, alongside prospective gas resources of 661 billion cubic feet, including 27.1 billion cubic feet of helium.
Australian helium push advances in parallel
In Australia, D3 continued advancing its helium and hydrogen strategy in South Australia’s Arckaringa Basin following the earlier acquisition of exploration licenses PEL 121 and PEL 122. Work during the quarter centered on planning seismic surveys and refining drill targets across the Hydrohelix prospect. Proceeds from the recent capital raise are earmarked to support these activities.
According to Yahoo Finance, on the financial side, D3 closed the quarter with approximately $8.1 million in cash after completing a $6.12 million placement at $0.36 per share, a premium to its IPO price. Net operating outflows came in at $1.07 million, with exploration spending accounting for a significant share.
The company estimates it has around 7.6 quarters of funding available, providing a solid runway to execute planned drilling, front-end engineering and design studies, and seismic programs across both South Africa and Australia.
Casey said D3 is now well-positioned to move its portfolio toward the next stage of exploration and development, with regulatory momentum building across its key assets.
