REG - Helium One Global Ld - Itumbula West-1 well has successfully reached TD

Helium One GlobalAnnouncement

25/01/2024 07:00

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RNS Number : 8964A  Helium One Global Ltd  25 January 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.

 

25 January 2024

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Itumbula West-1 well has successfully reached TD

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

 

Highlights

·    Itumbula West-1 well successfully reached a total depth ("TD") of
961m measured depth ("MD") in Basement on 24(th) January 2024

·    Elevated helium shows, over twenty times above background, have been
consistently measured whilst drilling in the Lake Beds Formation, Red
Sandstone Group, Karoo Group and Basement targets

·    Helium shows increased in frequency and concentration across the
encountered fault zones

·   The well has also encountered elevated hydrogen shows, over two
thousand times above background, in the Lake Beds Formation and sufficiently
elevated in the Karoo Group and Basement

·    Wireline operations will now be run for formation evaluation,
followed by drill stem testing ("DST") across the faulted zone and additional
zones of interest following full petrophysical evaluation of wireline logs

 

Details

The well has been successfully drilled to 961m MD and has reached its TD in
granitic Basement.  The well encountered elevated helium shows, over twenty
times above background, whilst drilling through the Lake Beds Formation, Red
Sandstone Group, Karoo and Basement targets. Elevated readings and an
increased frequency of helium shows were encountered whilst drilling through
the faulted zone.

An increase in temperature was also recorded which suggests the movement of
deeply sourced fluids migrating along the fault, which is likely liberating
the helium. The helium readings were measured from the drilling mud using the
Micro Gas Chromatograph and validated using the onsite portable Mass
Spectrometer.

In addition to helium, the well has encountered a high concentration of
hydrogen in the Lake Beds Formation over a 6m interval. Hydrogen shows
continued to be encountered throughout the Karoo section and into Basement.

The Company will now rig up for wireline operations to log the entire well.
Following wireline operations, the Company will then perform an open hole well
test (DST) across the faulted zone and additional zones of interest, once full
petrophysical analysis of the wireline logs is complete. Downhole samples will
be taken and evaluated onsite using the pressure-volume-temperature field
laboratory. Any additional samples will be sent off to specialised noble gas
laboratory for further verification.

The Company will make further announcements following the results of wireline
operations and the completion of well testing.

 

Lorna Blaisse, Chief Executive Officer, commented:

"The initial results from the Itumbula West-1 well are very positive. We have
encountered elevated helium shows, as the team had anticipated pre-drill, all
the way to Basement. The wireline logs are the crucial next step in
identifying which intervals we will test and sample for further evaluation.

By running an image log this time around in conjunction with a full logging
suite, and having the well test equipment on site, we are able to fully
evaluate the helium, and hydrogen potential in this well and establish whether
we have a viable helium and/or hydrogen play.

I'd like to extend my thanks to the wider Helium One team out in the field and
to the operational team who have worked tirelessly to complete this Phase II
drilling campaign."

 

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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