REG - Helium One Global Ld - Tai-3 Commencement of Drilling

Helium One GlobalAnnouncement

25/09/2023 07:45

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RNS Number : 5041N  Helium One Global Ltd  25 September 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.

 

25 September 2023

 

 

 

Helium One Global Ltd

("Helium One" or "the Company")

Tai-3 Commencement of Drilling

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is
pleased to announce that the Tai-3 well commenced drilling on 25 September
2023.

 

Highlights

·    Drilling has commenced at the Tai-3 well;

·    Total depth ("TD") of 1,100m; expected to be reached approximately
two weeks from spud;

·    Targeting multiple reservoir targets in the Lake Bed Formation, the
Karoo Group and Basement;

·    Geolog undertaking mudlogging whilst drilling to monitor helium gas
shows;

·    Portable mass spectrometer on site to measure and validate helium gas
shows encountered;

·    Baker Hughes wireline equipment and personnel onsite with equipment
being tested ahead of running wireline once TD has been reached; and

·   TD to completion of evaluation of logs and collection of downhole
samples is anticipated to take a further two weeks.

 

Background and Further Information

With all drilling crew, third party services equipment and personnel onsite,
the Tai-3 well was successfully spudded this morning. The team are currently
drilling ahead to section TD prior to running the 20" conductor. The conductor
prevents unconsolidated rock entering the well, before proceeding to drill the
17.5" hole section.

Whilst drilling, Helium One will measure gas shows using Geolog's mudlogging
services and a portable mass spectrometer. After TD has been reached, Baker
Hughes will then rig up and run their wireline tools. Once the wireline logs
are run and evaluated, the Company will then run in hole to evaluate further
with Baker Hughes' Reservoir Characterisation Instrument ("RCI") tool to take
downhole samples under reservoir conditions. Onsite, there is also the
facility to transfer and evaluate these samples, as well as the capability to
send duplicate samples for laboratory analyses in a leading noble gas
laboratory.

The whole process from spud to completion of logs and initial analyses is
expected to take approximately four weeks, after which the Company will make a
further announcement.

The containerised camp is now fully setup and operational at the wellsite to
minimise crew movements during 24hr operations. The camp has capacity to house
~60 personnel, including Helium One's national staff who are employed for the
duration of the project.

The Company is engaged with the University of Dar es Salaam, who have selected
a member of staff from their School of Mines and Geosciences to be assigned to
the drilling project, to gain valuable experience as well as transfer of
skills for what is a flagship project in Tanzania.

A separate batch of rock cuttings from the well will also be sent to the
Geological Survey of Tanzania (GST), the scientific department of the
Government which sits under the Ministry of Minerals.

The Company expects to make a further announcement once TD has been reached.

 

Lorna Blaisse, Chief Executive Officer, commented:

"This is a huge and very exciting milestone for the Company. The operations
that we are undertaking are a significant shift in both scale and approach
from what we undertook in Phase 1.  The team have worked exceptionally hard
to get to this point and we are focused on delivering a safe and successful
drilling campaign.

By adopting an oil & gas best practice approach to this drilling campaign
from drilling, logging and sampling, right through to HSE guidelines and
procedures, we are giving ourselves the best possible opportunity to deliver
success at Tai-3.

We look forward to providing further updates once TD has been achieved and
once the logs and initial analyses have been completed."

 

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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