REG - Helium One Global Ld - Forward Operational Update

Helium One GlobalAnnouncement

07/03/2024 07:15

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RNS Number : 9040F  Helium One Global Ltd  07 March 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.

 

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
(http://www.helium-one.com)

Contact

 Helium One Global Ltd                                   +44 20 7920 3150

 Lorna Blaisse, CEO

 Liberum Capital Limited (Nominated Adviser and Broker)  +44 20 3100 2000

 Scott Mathieson

 Ed Thomas

 Nikhil Varghese

 Tavistock (Financial PR)                                +44 20 7920 3150

 Nick Elwes

 Tara Vivian - Neal

 

 

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.

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 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.

 

 

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