REG - Helium One Global Ld - Operational update

Helium One GlobalAnnouncement

15/11/2023 07:00

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RNS Number : 4606T  Helium One Global Ltd  15 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.

 

15 November 2023

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Operational update

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

 

Highlights

·    The Company has now successfully pulled the drill string out of hole
at Tai-3

·    Wireline operations and initial logging underway

·    Downhole sampling to commence once logging is complete, with
capability for onsite analysis

 

Details

The Company has successfully pulled the drill string out of hole at the Tai-3
well. This was achieved by isolating and repositioning various components of
the iron rough neck and, whilst this does not represent a long-term solution
to the rig problems, it has enabled the Company to safely retrieve the drill
pipe and bottom hole assembly, comprising of the heavy weight drill pipe and
drill collars, from the hole.

The hole conditions remain good, and after removal of the drill string, the
Company took the opportunity to move directly to wireline operations, as this
does not place any reliance on the rig's hydraulics nor the iron rough neck.
The logging tools from the initial logging run encountered some washouts and
ledges in the Lower Karoo, therefore the tools were only able to reach 1,430m
MD and not to TD at 1,448m MD.

Helium One plans to commence a downhole sampling programme shortly, using a
Baker Hughes Reservoir Characterisation Instrument that is designed to obtain
gas samples from identified zones of interest under reservoir conditions. If
the sampling is successful, Helium One have the capability to transfer and
evaluate these samples at the wellsite using field pressure-volume-temperature
analysis in order to determine the gas composition.

The Company is currently still determining the timelines required for a full
rig repair. But the priority at this stage is to complete the wireline logging
and acquire downhole samples. The samples will then be evaluated at site so
that an informed decision with respect to Helium One's forward operational
programme can be made.

The Company will provide further updates on the sampling and the forward
operational programme in due course.

 

Lorna Blaisse, Chief Executive Officer, commented:

"The team at site have done an outstanding job working innovatively and
proactively to ensure we were able to safely pull the drill string out of the
hole. This surpassed all expectations and we're delighted to now be in the
position of having commenced wireline operations and planning downhole
sampling to fully evaluate the Tai-3 well.

Whilst the setback with the rig is incredibly frustrating, we have overcome a
number of operational hurdles and remain focussed and confident that when the
rig is back up and running, we will be in a stronger position for future
wells."

 

James Smith, Non-Executive Chairman, commented:

"This is an incredibly dynamic situation, and whilst we continue to work
towards evaluating the repairs required to the Epiroc Predator 220 drilling
rig, and the timeline required to deliver these repairs, we are pleased to
provide this update to our shareholders.

Since Friday, we have done all we possibly could to move Tai-3 operations
forward, and everyone has worked exceptionally hard to get to this point. Once
we have obtained and assessed downhole samples and determined the extent and
timing of the necessary rig repairs, we will be able to provide an updated
forward operational programme."

 

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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