The information contained within this announcement is deemed
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as amended by The
Market Abuse (Amendment) (EU Exit) Regulations
2019.
07
March 2024
Helium One Global Ltd
("Helium
One" or "the Company")
Forward Operational
Update
Helium One Global (AIM: HE1), the primary
helium explorer in Tanzania, is pleased to provide the following
update on future operations at Rukwa.
Highlights
· Drill stem test
("DST") results carried out on the Itumbula West-1 well calculate a
minimum flow rate of 0.5 million cubic feet per day ("mmscfd")
containing 4.7% helium
· Extended well test
("EWT") planned on Itumbula West-1 well in Q3 2024
· Resource estimates
and subsurface modelling being progressed
· Early engagement with vendors
regarding production facility engineering as the Company's focus
transitions towards development and production
· Company-owned Epiroc Predator
220 drilling rig is currently hot stacked and remains in a state of
operational readiness
Details
The DST results from Itumbula West-1 well have
demonstrated that the well has flowed the equivalent of 0.5 mmscfd
of 4.7% helium (without any artificial lift) from the fractured
Basement and faulted zone. These flow rates in a pure helium play,
without the presence of hydrocarbons and carbon dioxide, indicate
the uniqueness of this helium project.
The Company is currently advancing its
subsurface modelling and updating its internal resource estimates
in order to determine the best path towards the commercialisation
of Itumbula.
Helium One is currently working towards an EWT
in Q3 2024 on Itumbula West-1 in order to confirm flow rates and
the fluid composition. Conditional upon these results, the Company
will then be in a position to advance discussions with off-takers
and industry partners and will help determine the design of any
future production facility. The Company has already approached
vendors regarding such facilities and will be working closely with
them over the coming months.
The Company is also reviewing its options to
drill another well this year, following the commencement of the
EWT. These options include the deepening of Tai-3 to test the
Basement play or the drilling of an appraisal well at Itumbula. The
outcome of this, as well as the planned EWT, is subject to securing
the necessary long lead items required for such
operations.
The Company-owned Epiroc Predator 220 drilling
rig is currently hot stacked at the Itumbula West-1 wellsite.
Additional spare parts are being obtained while the rig remains in
a state of operational readiness.
Recent positive engagement with the Mining
Commission of Tanzania has enabled the Company to align on forward
appraisal and development plans, including associated licensing
requirements. The Company looks forward to making further updates
in due course.
Lorna Blaisse,
Chief Executive Officer, commented:
"The Company's focus is now on appraising and evaluating the
resource potential at Itumbula West-1. Whilst progressing the
subsurface work, to better understand the resource estimates in a
fractured Basement and fault play, we are planning the next phase
of operations. An extended well test at site will enable us to
confirm commercial flow rates and fluid composition, whilst
continuing to plan for development and production scenarios in
parallel.
This is a highly exciting time for the Company as we
transition beyond exploration. I look forward to providing
further updates as we progress our plans in due
course."
For further information please visit
the Company's website: www.helium-one.com
Contact
Helium One Global
Ltd
Lorna Blaisse, CEO
|
+44 20 7920 3150
|
|
|
Liberum Capital
Limited (Nominated Adviser and Broker)
Scott Mathieson
Ed Thomas
Nikhil Varghese
|
+44 20 3100 2000
|
|
|
Tavistock
(Financial PR)
Nick Elwes
Tara Vivian - Neal
|
+44 20 7920 3150
|
Notes to Editors
Helium One Global, the AIM-listed
Tanzanian explorer, holds prospecting licences totalling more than
2,965km2 across three distinct project areas, with the
potential to become a strategic player in resolving a
supply-constrained helium market.
The Rukwa, Balangida, and Eyasi
projects are located within rift basins on the margin of the
Tanzanian Craton in the north and southwest of the country. The
assets lie near surface seeps with helium concentrations ranging up
to 10.6% He by volume. All Helium One's licences are held on a 100%
equity basis.
The Company's flagship Rukwa Project
is located within the Rukwa Rift Basin covering 1,900km2
in south-west Tanzania. The project is considered to be an
advanced exploration project with leads and prospects defined by a
subsurface database including multispectral satellite spectroscopy,
airborne gravity gradiometry, 2D seismic data, and QEMSCAN
analysis. The Rukwa Project has been de-risked by the 2023/24
drilling campaign, which has identified a working helium
system.
Helium One is listed on the AIM
market of the London Stock Exchange with the ticker of HE1 and on
the OTCQB in the United States with the ticker HLOGF.