REG - Helium One Global Ld - Drilling restarted on Tai-3 well

Helium One GlobalAnnouncement

16/10/2023 07:00

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RNS Number : 1507Q  Helium One Global Ltd  16 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.

 

16 October 2023

 

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Drilling restarted on Tai-3 well

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is
pleased to announce that drilling on the Tai-3 well has successfully
recommenced.

 

Highlights

·    Replacement rig component sourced and installed

·    Drilling activities have successfully restarted on Tai-3

·    Plan to drill ahead through primary reservoir targets to total depth
of 1,100m measured depth ("MD")

·    Itumbula-C civils work and well pad preparation on track

·    Recent soil gas survey over Itumbula prospect yields helium
concentrations above background levels

 

On Friday 13(th) October, the Company successfully installed the replacement
part required to resolve the component failure in the main rig carrier that
occurred on 4(th) October. With the assistance of the rig mechanic and
engineers from Epiroc, the rig manufacturer, the rig then underwent testing
prior to restarting operations. As of 16:00 hrs EAT (14:00 hrs BST) on Sunday
14(th) October, the Predator 220 drilling rig recommenced drilling.

Prior to the component failure the Company had drilled to just below the 13
3/8" casing shoe, which was on track with our expected drilling timetable. The
Company will now continue to drill ahead to the planned total depth ("TD") of
1,100m MD through the primary reservoir targets in the Lake Bed Formation,
Karoo Group and Basement. The Company expects to make a further announcement
once TD is reached.

All third-party services have remained onsite and were ready to immediately
resume operational activities and minimise any further delays. The wireline
tools have also been fully tested and are ready to run in the hole once the TD
has been reached.

Civils work is continuing for the second well in this drilling campaign on the
Itumbula-C well pad and access road. The Company remains on track to drill
this well prior to the wet season commencing. Recent soil gas surveys over the
Itumbula prospect have yielded helium concentrations above background levels
which correlate well to the surface helium anomalies identified from the 2022
multispectral satellite spectroscopy seep study.

The Company has also successfully carried out an emergency medical evacuation
("medevac") drill from the Tai-3 wellsite, using a helicopter fully equipped
for medevac purposes and our onsite medical team who specialise in trauma
care. On site, the Company has 24hr medical cover with a doctor, paramedic, a
fully equipped ambulance, ambulance driver and a specialist clinic. A
purpose-built helipad at the Tai-3 wellsite enables a quick medevac solution
in the event of a medical emergency.

 

Lorna Blaisse, Chief Executive Officer, commented:

"As a Company, we remain resilient and continue to proactively address any
hurdles we encounter. The wider Helium One team, both at the rig site and
elsewhere, have pushed exceptionally hard over the past week to troubleshoot
the issue, source a replacement part from the USA, reinstall and repair the
rig and I am pleased that we are now back on track in an extremely short
period of time.

"We very much look forward to drilling ahead into our target reservoirs at
Tai-3 over the coming days and to evaluate the well, prior to rigging down and
moving the rig to our next location at Itumbula."

 

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 Joint Broker)  +44 20 3100 2000

 Scott Mathieson

 Ed Thomas

 Nikhil Varghese

 Peterhouse Capital Limited (Joint Broker)                     +44 20 7220 9792

 Lucy Williams

 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 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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