REG - Helium One Global Ld - Itumbula West-1 Commencement of Drilling

Helium One GlobalAnnouncement

08/01/2024 07:00

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RNS Number : 8674Y  Helium One Global Ltd  08 January 2024

 

08 January 2024

 

 

 

Helium One Global Ltd

("Helium One" or "the Company")

Itumbula West-1 Commencement of Drilling

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is
pleased to announce that drilling at the Itumbula West-1 well commenced on 06
January 2024.

 

Highlights

·    Drilling has commenced at the Itumbula West-1 well

·    Targeting two major fault zones and the Karoo Group

·    Geolog undertaking mudlogging whilst drilling to monitor helium gas
shows

·    Portable mass spectrometer and field pressure-volume-temperature
specialist on site to measure and validate helium gas shows as well as
downhole samples

·    Downhole reservoir testing equipment has been mobilised
internationally to perform open hole well testing and fully evaluate the fault
zones

·    Baker Hughes, energy technology company, continue to provide third
party services for wireline, fluids and cementing

·    Part relinquishment of Prospecting Licence ("PL") 10704/2015 in the
Balangida Rift Basin, following an internal license review completed earlier
last year, now ratified by Tanzanian Government

 

Background and further information

Following the successful instalment of the new iron rough neck and completion
of the hydraulic repairs, the Itumbula West-1 well was successfully spudded on
06 January 2024. The Company is currently cementing the 20" conductor ahead of
drilling the 17.5" hole section.

Following the drilling of the Tai-3 well and acquisition of valuable data, the
two primary objectives of this well are to target and evaluate the fault
system as well as the conventional Karoo play, both of which are anticipated
to yield helium. Therefore, in addition to the conventional mudlogging and
wireline procedures that were undertaken on Tai-3, the Company also aims to
perform an open hole well test in both the fault zones and Karoo targets on
Itumbula West-1. Whilst drilling, the Company will be measuring gas shows
using Geolog's mudlogging services and a portable mass spectrometer.

Once the wireline logs have been run and evaluated, the Company will also have
the option to take downhole samples under reservoir conditions using Baker
Hughes' Reservoir Characterisation Instrument tool. The Company will be able
to transfer and evaluate these samples onsite, as well as sending duplicate
samples for laboratory analyses at a leading noble gas laboratory.

The whole process from spud to completion of logs and well testing is expected
to take approximately four to five weeks.

The Company continues to engage with the University of Dar es Salaam, who have
appointed a member of staff from their Department of Geosciences to be
involved with this well in order to gain valuable experience in what continues
to be a flagship project in Tanzania.

 

Licence update

Following a license review early last year, the Company applied for a part
relinquishment of PL 10704/2015 in the Balangida Rift Basin. The 125km(2) area
selected for relinquishment was based on the following:

·    area with no, or poorly, defined exploration leads; and

·    area on outcropping basement i.e. no sediment fill and therefore
deemed to be non-prospective

This part relinquishment has recently been ratified by the Tanzania Mining
Commission and the area retained is based upon the following criteria:

·    a prospective area supported by gravity-magnetic data, known surface
helium seeps, multispectral satellite spectroscopy data and soil gas surveys

Helium One now holds a PL footprint in the Balangida Rift Basin totalling 134km(2).  All other PLs remain unchanged. Total area of PLs now held by Helium One Global is 2,840km(2) .

 

Lorna Blaisse, Chief Executive Officer, commented:

"We are delighted to have spudded the Itumbula West-1 well. This prospect
demonstrates the potential to yield some positive results and, having the
ability to both drill and test a fault play, provides us with every
opportunity of giving it the best chance of a successful outcome. We look
forward to making further announcements in due course as we drill, log and
test the well."

 

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 2,840km(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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