REG - Helium One Global Ld - Operational update

Helium One GlobalAnnouncement

05/10/2023 09:30

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RNS Number : 8214O  Helium One Global Ltd  05 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.

 

05 October 2023

 

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Operational update

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, has the
following update on the drilling of the Tai-3 well.

At 22:15 hrs EAT (20:15 hrs BST) on Wednesday 4th October, the Predator 220
drilling rig suffered a component failure within the main rig carrier. In
order to undertake the necessary repairs, mechanical parts will need to be
brought in from outside of Tanzania and, as a result, will require us to
temporarily suspend operations whilst these repairs are carried out.

Prior to this event, drilling operations were on schedule with no issues with
the hole, our well control equipment is fully installed and pressure tested,
and the rig was performing well, with the target depth expected to have been
reached over the coming weekend.  We had just commenced drilling the 8.5"
hole section at the top of the Lake Bed Formation, after successfully running
and cementing the 13 3/8" casing.

The Company expects it to take in the region of two weeks to source the
required parts and repair the drilling rig and is confident that we will then
be able to successfully recommence drilling in accordance with the original
programme. Further updates will be made in due course.

 

 

Lorna Blaisse, Chief Executive Officer, commented:

"This is understandably a huge frustration to everyone involved as the rig was
performing well and drilling on schedule. The team are currently working on
sourcing the required parts to resolve this issue and are hopeful that this
will only be a temporary delay before drilling is recommenced."

 

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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