REG - Helium One Global Ld - Operational Update

Helium One GlobalAnnouncement

01/07/2024 07:00

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RNS Number : 4771U  Helium One Global Ltd  01 July 2024

 

 

01 July 2024

Helium One Global Ltd

("Helium One" or "the Company")

 

Operational Update

and Award of Director and Management Options

 

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is
pleased to provide an update on progress at its Rukwa (100% Operated) project
area ahead of its extended well test ("EWT") at Itumbula West-1 ("ITW-1").

 

Highlights

·    On track to deepen ITW-1 well and commence EWT in fault-fracture
helium play in July

·    Company-owned rig is on-site and ready for third party services to
rig up ahead of spud

·    Acquisition of well control equipment to complement drilling rig

·    Appointed experienced drill crew for EWT operations and personnel
mobilisation underway

·    Long lead items arriving at site for July spud

·    Remobilisation of camp personnel and medical support to site

·    Contract executed with global technology company, SLB (formerly
Schlumberger) for provision of cementing, drilling and completion fluids
services, and surface well test equipment and services

·    GeoLog International BV ("GeoLog") contracted for mudlogging
services

·    Laboratory results of helium samples from ITW-1 are consistent with
measurements made by onsite field PVT laboratory

·    Second phase field work of ESIA study required for feasibility study
ready to commence

·    Feasibility study and subsurface modelling underway ready for
integration of EWT results ahead of Mining Licence application

 

 

Lorna Blaisse, Chief Executive Officer, commented:

"As we fast approach the next operational phase, we are on track to commence
the crucial EWT operations at Itumbula West-1 in July. This is a very exciting
time for the Company as the test will enable us to determine commercial flow
rates, reservoir performance and helium concentrations over a longer period of
time. The results of this EWT will enable us to better determine resource
estimates and fully evaluate the potential of this new fault-fracture helium
play we have at Itumbula.

The team has remained focused over the past few months to meet the timelines,
including the ordering and delivery of long lead items, integrated subsurface
modelling and engineering in order to form the basis of a feasibility study
which will be required to apply for a Mining Licence to enable us to move into
project development once the EWT is complete. We're very grateful to the
Ministry of Minerals and the Mining Commission in Tanzania as well as the
local communities in which we operate, for their ongoing support shown towards
the Company and the advancement of the southern Rukwa helium project.

I would like to thank the team for their immense hard work over the last few
months and the efforts that they have put in to get us to this stage. We are
very excited about the EWT and the results that we believe it will yield,
confirming the helium potential at Itumbula."

 

EWT and Operational Readiness

Following the success of flowing 4.7% helium to surface from the ITW-1
exploration well in February this year, the Company is on track to commence
EWT operations at ITW-1 in July. Upon spud and re-entry into the cased and
suspended well, the Company will deepen the well to intersect and test more
fractures in the fractured Basement helium play prior to commencing the actual
EWT. The EWT will target two zones where helium was successfully sampled from
the drill stem test in the exploration well: across the fractured Basement and
faulted Karoo intervals. This is expected to take 4-6 weeks to complete.

The results of the EWT will evaluate reservoir performance, commercial flow
rates and helium concentrations over a longer period of time. The Company will
also be running a Production Logging Tool which will complement the EWT data
by providing more specific production data at predefined depths. The surface
well testing equipment will interface with existing mudlogging equipment and
the independent field Pressure Volume Temperature (PVT) wellsite laboratory.
This will be integrated with the Company's helium detection equipment to
enable real time monitoring of produced fluids with the ability to take
additional samples.

The Company-owned drilling rig is on site and is ready for third party
services to commence rig-up ahead of spud. The Company has recently purchased
its own set of well control equipment, 3½" drill string and two mobile cranes
to complement the drilling rig. These purchases will also further enhance the
Company's ability to generate revenues in the medium to longer term.

The long lead items required for the EWT are on track to arrive at site in
time for spud and the Company has commenced the remobilisation of camp
personnel and medical support provision ahead of the commencement of
operations.

An experienced drill crew have been appointed with many personnel returning
from the Phase II drilling campaign. It is positive to see returning personnel
and crew on this phase as a strong team aids efficient project delivery and
consistency.

 

Appointment of Third-Party Services

The Company is pleased to have appointed all third-party services, and
associated equipment with mobilisation to site is currently ongoing. The
Company also welcomes global technology company, SLB (formerly Schlumberger),
onto the project for this exciting phase and they will be complementing the
operations with their surface well testing equipment and experienced well test
engineers.

GeoLog, a world leader in energy industry services, will also return to the
project for mudlogging services. They are very experienced team with real-time
helium monitoring and familiar with the helium analysis process that the
Company undertakes during its drilling operations.

 

Confirmation of Secondary Laboratory Results

The Company strives to deliver real-time helium measurements whilst drilling
with the mobilisation of a Field PVT Laboratory. The analytical and
calibration technique from this laboratory at site has been verified by a
small subset of samples that were sent to an independent laboratory outside of
Tanzania. The results from this laboratory have confirmed that the field
measurements obtained by the Company whilst drilling are consistent with those
measured by the independent third-party in their noble gas laboratory. Some
samples indicated air contamination, which may suggest that helium
concentrations that were brought to surface could be slightly higher than
previously thought. The results from the EWT will provide a more detailed
understanding and measurement of helium concentrations.

 

Feasibility Study and ESIA Progress ahead of Mining Licence Application

Following the results of the EWT, the Company will be submitting an
application to convert its Prospecting Licences to Mining Licences ("ML") with
a view to fully appraising and developing the project. As part of this
application, the Company is required to submit a Feasibility Study and a
completed ESIA study. The Company has recently expanded its subsurface team
and now has a dedicated team comprised of a Development Geologist, Reservoir
Engineer, Technical Lead and Well Test Engineer to build the detailed static
model and run dynamic simulation models to determine reservoir performance and
resource estimates from this complex fault-fracture play. The results of the
EWT will be integrated into these models and formulate the basis of the
Feasibility Study and ML applications.

The ESIA study, being undertaken by Tanzanian company MTL Consulting
Ltd ("MTL"), is underway. As part of the ML application, a 6-month
environmental study is required and MTL remain on track to complete this prior
to the ML application. In accordance with relevant regulations, the project
has also been registered with Tanzanian Government entity, National
Environment Management Council, who will ratify the study and award the
relevant certification upon completion of the study.

 

Award of Share Options to Directors and Management

The Board of Helium One recognises the exceptional performance of members of
the management and executive team in delivering the project through to the
planned EWT that is due to commence in July 2024.

To additionally incentivise management, the Board has resolved to issue
259,000,000 options to acquire ordinary shares at a strike price of 1p to
management and Board members.

All directors' options vest over a two-year period in three equal tranches
being; ⅓ on grant, ⅓ 12 months from the date of grant, and ⅓ 24 months
from the date of grant

 

Directors and PDMRs included in the award are detailed in the table below:

 Director/PDMR                           Current Options Held  New Options awarded  Total Options Held
 James Smith (Chair)                     5,000,000             16,000,000           21,000,000
 Lorna Blaisse (CEO)                     13,250,000            55,000,000           68,250,000
 Graham Jacobs (FD)                      8,000,000             40,000,000           48,000,000
 Chris Eyre (CFO)                        8,000,000             40,000,000           48,000,000
 Mike Williams (Director of Operations)  2,200,000             40,000,000           42,200,000
 Sarah Cope (Senior NED)                 5,000,000             20,000,000           25,000,000
 Nigel Friend (NED)                      2,000,000             16,000,000           18,000,000
 Russel Swarts (NED)                     4,000,000             16,000,000           20,000,000

The total number of Options and Warrants in the Company is now 329,381,423,
representing 6.2% of the Company's Issued Share Capital

 

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

 Panmure Liberum Limited (Nominated Adviser and Joint Broker)  +44 20 3100 2000

 Scott Mathieson

 Nikhil Varghese

 Zeus Capital Limited (Joint Broker)                           +44 20 3829 5000

 Simon Johnson

 Louisa Waddell

 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 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%
helium by volume. All Helium One's licences are held on a 100% equity basis.

The Company's flagship southern Rukwa Project is located within the Rukwa Rift
Basin covering 1,900km(2) in south-west Tanzania.  This project is considered
to be entering an appraisal stage following the success of the 2023/24
drilling campaign, which has proved an established helium system where the
Itumbula West-1 exploration well successfully flowed 4.7% helium to surface in
Q1 2024. Additional follow-on leads and prospects are defined by subsurface
database including multispectral satellite spectroscopy, airborne gravity
gradiometry, 2D seismic data, and QEMSCAN analysis.

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.

 

 

APPENDIX

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND THEIR CLOSELY
ASSOCIATED PERSONS

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Lorna Blaisse
 2   Reason for notification
 a.  Position/Status                                              Chief Executive Officer
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price  Volume(s)
      1p                                                                      55,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Graham Jacobs
 2   Reason for notification
 a.  Position/Status                                              Finance and Commercial Director
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      40,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         James Smith
 2   Reason for notification
 a.  Position/Status                                              Non-Executive Chairman
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      16,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Sarah Cope
 2   Reason for notification
 a.  Position/Status                                              Senior Independent Non-Executive Director
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
     1p                                                                       20,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Nigel Friend
 2   Reason for notification
 a.  Position/Status                                              Non-Executive Director
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      16,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 Juily 2024
 f.  Place of the transaction                                     Off market

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Russel Swarts
 2   Reason for notification
 a.  Position/Status                                              Non-Executive Director
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      16,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Chris Eyre
 2   Reason for notification
 a.  Position/Status                                              Chief Financial Officer
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      40,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a.  Name                                                         Mike Williams
 2   Reason for notification
 a.  Position/Status                                              Director of Operations
 b.  Initial notification/ Amendment                              Initial
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a.  Name                                                         Helium One Global Limited
 b.  LEI                                                          213800J96OENDQKNQZ60
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a.  Description of the financial instrument, type of instrument  Ordinary Shares of nil par value each

Identification Code

ISIN: VGG4392T1075
 b.  Nature of the transaction                                    Grant of Share Options
 c.  Price(s) and volume(s)
                                                                              Option Price(s)  Volume(s)
      1p                                                                      40,000,000

 d.  Aggregated information                                        N/A

     - Aggregated Volume

     - Price
 e.  Date of the transaction                                      01 July 2024
 f.  Place of the transaction                                     Off market

 

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