Helium One Global Ltd Successful deepening of Itumbula West-1 well

RNS Number : 2626Z

Helium One Global Ltd

06 August 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.

 

06 August 2024

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Successful deepening of Itumbula West-1 well

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

 

Highlights

·    The Company has successfully re-entered and deepened the ITW-1 well a further 168m into the Basement and has reached a new total depth ("TD") of 1129m measured depth ("MD")

·    Near-continuous helium and hydrogen shows measured whilst drilling and were notably higher than those encountered whilst drilling the overburden section during Phase II

·    Commenced preparations for running 7" slotted casing and cementing operations

·    Once casing is cemented in place, extended well test ("EWT") operations will commence across two intervals; fractured Basement and faulted Karoo Group

 

Details

The Company has successfully re-entered and deepened the ITW-1 well a further 168m into the fractured Basement and has reached a new TD of 1129m MD. The existing hole conditions were very good and enabled the wellbore re-entry beneath the 9⅝" shoe, and subsequent deepening into the Basement, to occur efficiently.

Whilst deepening the well, near-continuous helium and hydrogen shows were encountered whilst drilling. The frequency of these shows continued to TD and were notably higher than those which were encountered whilst drilling the overburden section during Phase II.

The next phase of the operations now involves preparing the wellbore for running the 7" slotted casing and cementing it in place. Once this is complete, the Company will then run a completion string in the hole comprising of tubing and packers to allow multiple testing of the two zones (the fractured Basement and the faulted Karoo Group) during the EWT.

The Company will provide further updates in due course.

 

Lorna Blaisse, Chief Executive Officer, commented:

"We are pleased that we have been able to re-enter and deepen the ITW-1 well as planned. It has been very encouraging seeing the helium and hydrogen shows continuing whilst drilling this deeper section, and we look forward to evaluating these results further through the EWT.

I'd like to extend my thanks to the wider team in a safe execution of this drilling phase, as well as the continued support from the Ministry of Minerals and Mining Commission in Tanzania."

 

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

Contact

Helium One Global Ltd Lorna Blaisse, CEO Graham Jacobs, Finance and Commercial Director	[phone]
Panmure Liberum Limited (Nominated Adviser and Joint Broker) Scott Mathieson Nikhil Varghese	[phone]
Zeus Capital Limited (Joint Broker) Simon Johnson Louisa Waddell	[phone]
Tavistock (Financial PR) Nick Elwes Tara Vivian-Neal	[phone]

 

Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting licences 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% helium by volume. All Helium One's licences are held on a 100% equity basis.

The Company's flagship southern Rukwa Project is located within the Rukwa Rift Basin covering 1,900km² in south-west Tanzania.  This project is considered to be entering an appraisal stage following the success of the 2023/24 drilling campaign, which has proved an established helium system where the Itumbula West-1 exploration well successfully flowed 4.7% helium to surface in Q1 2024. Additional follow-on leads and prospects are defined by subsurface database including multispectral satellite spectroscopy, airborne gravity gradiometry, 2D seismic data, and QEMSCAN analysis.

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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