Australia-based helium exploration company Noble Helium has selected a preferred bidder for the North Rukwa Farmout at the company’s flagship North Rukwa Project in southwest Tanzania, Africa.
Announced today (2nd May), the company has also entered into a non-binding Heads of Agreement (HOA) setting out the key terms of the farm-in to the North Rukwa project.
A farm-in is when a major company agrees to pay for drilling costs in return for a percent ownership of an exploration project.
A farm-out is the assignment of part or all of an oil, natural gas or mineral interest to a third party for development.
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