Helium One Global Ltd Itumbula West-1 well has successfully reached TD

RNS Number : 8964A

Helium One Global Ltd

25 January 2024

 

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.

 

25 January 2024

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Itumbula West-1 well has successfully reached TD

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to provide the following update on the drilling of the Itumbula West-1 well.

 

Highlights

·    Itumbula West-1 well successfully reached a total depth ("TD") of 961m measured depth ("MD") in Basement on 24^th January 2024

·    Elevated helium shows, over twenty times above background, have been consistently measured whilst drilling in the Lake Beds Formation, Red Sandstone Group, Karoo Group and Basement targets

·    Helium shows increased in frequency and concentration across the encountered fault zones

·   The well has also encountered elevated hydrogen shows, over two thousand times above background, in the Lake Beds Formation and sufficiently elevated in the Karoo Group and Basement

·    Wireline operations will now be run for formation evaluation, followed by drill stem testing ("DST") across the faulted zone and additional zones of interest following full petrophysical evaluation of wireline logs

 

Details

The well has been successfully drilled to 961m MD and has reached its TD in granitic Basement.  The well encountered elevated helium shows, over twenty times above background, whilst drilling through the Lake Beds Formation, Red Sandstone Group, Karoo and Basement targets. Elevated readings and an increased frequency of helium shows were encountered whilst drilling through the faulted zone.

An increase in temperature was also recorded which suggests the movement of deeply sourced fluids migrating along the fault, which is likely liberating the helium. The helium readings were measured from the drilling mud using the Micro Gas Chromatograph and validated using the onsite portable Mass Spectrometer.

In addition to helium, the well has encountered a high concentration of hydrogen in the Lake Beds Formation over a 6m interval. Hydrogen shows continued to be encountered throughout the Karoo section and into Basement.

The Company will now rig up for wireline operations to log the entire well. Following wireline operations, the Company will then perform an open hole well test (DST) across the faulted zone and additional zones of interest, once full petrophysical analysis of the wireline logs is complete. Downhole samples will be taken and evaluated onsite using the pressure-volume-temperature field laboratory. Any additional samples will be sent off to specialised noble gas laboratory for further verification.

The Company will make further announcements following the results of wireline operations and the completion of well testing.

 

Lorna Blaisse, Chief Executive Officer, commented:

"The initial results from the Itumbula West-1 well are very positive. We have encountered elevated helium shows, as the team had anticipated pre-drill, all the way to Basement. The wireline logs are the crucial next step in identifying which intervals we will test and sample for further evaluation.

By running an image log this time around in conjunction with a full logging suite, and having the well test equipment on site, we are able to fully evaluate the helium, and hydrogen potential in this well and establish whether we have a viable helium and/or hydrogen play.

I'd like to extend my thanks to the wider Helium One team out in the field and to the operational team who have worked tirelessly to complete this Phase II drilling campaign."

 

For further information please visit the Company's website: www.helium-one.com   

Contact

Helium One Global Ltd Lorna Blaisse, CEO	[phone]
Liberum Capital Limited (Nominated Adviser and Joint Broker) Scott Mathieson Ed Thomas Nikhil Varghese	[phone]
Peterhouse Capital Limited (Joint Broker) Lucy Williams	[phone]
Tavistock (Financial PR) Nick Elwes Tara Vivian - Neal	[phone]

 

 

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 and are in close proximity to the required infrastructure.

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 2021 drilling campaign, which identified reservoir and seal with multiple prospective intervals from basin to near surface within 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

MSCPPUAPGUPCUQA