REG - Helium One Global Ld - Operational update

Helium One GlobalAnnouncement

30/10/2023 07:15

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RNS Number : 6245R  Helium One Global Ltd  30 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.

 

 

30 October 2023

 

Helium One Global Ltd

 

Operational update

 

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

 

Highlights

·    Tai-3 well has successfully encountered helium shows whilst drilling
in the Lake Bed Formation and the Karoo Group

·    The Basement reservoir target has come in deep to prognosis and is
yet to be reached; this has extended the drilling period

·    Well depth is currently at 1,445m measured depth ("MD"), with well
total depth ("TD") now expected to be at ~1,550m MD

·    On Sunday 29(th) October, whilst drilling the final section, the rig
encountered a mechanical and an electrical fault which resulted in a temporary
rig shut down to allow for troubleshooting and repairs

·   Once drilling recommences, the Basement target should be reached
quickly and this will be followed by a comprehensive wireline programme to
fully evaluate the helium shows encountered whilst drilling

 

Details

The Tai-3 well has encountered helium shows whilst drilling in the Lake Bed
Formation and the Lower Karoo Group. These measurements were made on the Micro
Gas Chromatograph whilst drilling and have also been calibrated with the
portable mass spectrometer to confirm the presence of helium in the mud gas.

The Company has not yet reached the third reservoir target of Basement and
were hoping to reach well TD yesterday. The Basement target is now over 400m
deeper than prognosed, but cuttings have indicated the presence of weathered
metamorphic material, indicating that the well is now very close to the target
interval.

On Sunday 29(th) October, whilst running back in hole following a drill bit
change, there was a seal failure on the iron rough neck which is used to make
and break connections of drill pipe. The Company is confident that this part
can be replaced in-country but will require a few days to source and repair.

Following the component failure in the rig carrier on 4(th) October and prior
to yesterday, the Predator 220 drilling rig had continued to perform well.

Once drilling has recommenced and has reached TD in Basement, the Company will
then rig up for wireline operations and commence logging in order to gain
additional information on reservoir characteristics, as well as to identify
and sample any gas-bearing intervals. The Company will make further
announcements in due course.

 

Lorna Blaisse, Chief Executive Officer, commented:

"We are pleased with the current results of Tai-3 with encouraging helium
shows encountered in the Lake Beds and the Karoo. These initial results still
need further evaluation to determine the full extent of what we have at Tai
and where there may be gas-bearing intervals.

Whilst it's frustrating to have suffered another small setback with the rig,
we are confident we will resolve these issues quickly so we can get back to
drilling and target the remaining reservoir in the Basement."

 

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 2,964km(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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