REG - Helium One Global Ld - Operational update

Helium One GlobalAnnouncement

10/11/2023 07:00

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RNS Number : 0133T  Helium One Global Ltd  10 November 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.

 

10 November 2023

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Operational update

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

The Company's Epiroc Predator 220 drilling rig has encountered an issue with
the hydraulic system which, as a result, is affecting the performance of the
iron rough neck mechanism. Both the hydraulic system and the iron rough neck
are critical to the operations of the rig and, as a result of this, the
Company has had to temporarily shut down operations whilst the full extent of
the issue is determined.

As a result of this, the Company is currently unable to pull the drill string
out of the hole and has therefore been unable to commence wireline operations
as planned. However, the drill pipe can still be rotated and drilling fluid
circulated so wellbore stability remains good.

The Tai-3 results during drilling were very encouraging with helium shows up
to six times above background at multiple levels, increasing in frequency and
quality with depth. The Company and on-site team remain fully focused and
committed to resolving this temporary setback so that the valuable wireline
data and downhole gas samples can still be obtained.

The Company will provide further updates in due course.

 

Lorna Blaisse, Chief Executive Officer, commented:

"Whilst this delay is frustrating not only for the team, but also for our
shareholders, we are hugely encouraged by the initial results from Tai-3 and
are looking forward to a full and positive well evaluation as soon as this
issue is resolved."

 

 

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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