Helium One Global Ltd Operational update (8214O)

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RNS Number : 8214O

Helium One Global Ltd

05 October 2023

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.

05 October 2023

Helium One Global Ltd

("Helium One" or "the Company")

Operational update

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, has the following update on the drilling of the Tai-3 well.

At 22:15 hrs EAT (20:15 hrs BST) on Wednesday 4th October, the Predator 220 drilling rig suffered a component failure within the main rig carrier. In order to undertake the necessary repairs, mechanical parts will need to be brought in from outside of Tanzania and, as a result, will require us to temporarily suspend operations whilst these repairs are carried out.

Prior to this event, drilling operations were on schedule with no issues with the hole, our well control equipment is fully installed and pressure tested, and the rig was performing well, with the target depth expected to have been reached over the coming weekend. We had just commenced drilling the 8.5" hole section at the top of the Lake Bed Formation, after successfully running and cementing the 13 3/8" casing.

The Company expects it to take in the region of two weeks to source the required parts and repair the drilling rig and is confident that we will then be able to successfully recommence drilling in accordance with the original programme. Further updates will be made in due course.

Lorna Blaisse, Chief Executive Officer, commented:

"This is understandably a huge frustration to everyone involved as the rig was performing well and drilling on schedule. The team are currently working on sourcing the required parts to resolve this issue and are hopeful that this will only be a temporary delay before drilling is recommenced."

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

Contact

 
 Helium One Global Ltd                         [phone] 
  Lorna Blaisse, CEO                            3150 
 
 Liberum Capital Limited (Nominated Adviser 
  and Joint Broker) 
  Scott Mathieson 
  Ed Thomas                                    [phone] 
  Nikhil Varghese                               2000 
 
 Peterhouse Capital Limited (Joint Broker)     [phone] 
  Lucy Williams                                 9792 
 
 Tavistock (Financial PR) 
  Nick Elwes                                   [phone] 
  Tara Vivian - Neal                            3150 
 

Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences totalling more than 2,965km(2) 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 1,900km(2) 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.

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October 05, 2023 04:19 ET (08:19 GMT)