REG - Helium One Global Ld - Tai-3 well successfully reached TD

Helium One GlobalAnnouncement

07/11/2023 07:00

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RNS Number : 5622S  Helium One Global Ltd  07 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.

 

07 November 2023

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Tai-3 well successfully reached TD

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

 

Highlights

·   Tai-3 well has successfully reached a TD of 1,448m measured depth
("MD") having encountered weathered crystalline Basement

·   Elevated helium shows, up to six times above background, have been
identified in the Lower Karoo Group and Basement targets

·    Helium shows increased in frequency and quality with depth, as
anticipated

·    Whilst drilling into Basement, a fracture zone was encountered, which
yielded elevated helium readings at the top of the Basement and led to partial
losses of drilling mud

·    Forward plan, following maintenance and safety checks, is to pull out
of hole and rig up to run wireline for formation evaluation and downhole gas
sampling

 

Details

The component to the iron rough neck was repaired and reinstalled, enabling
the Company to drill ahead over the weekend and Basement has now been reached
at 1,448m MD. Whilst drilling into the fractured Basement, comprised of
metamorphic gneissic rock, the well encountered elevated helium shows up to
six times above background. These readings were measured from the drilling mud
using the Micro Gas Chromatograph and validated using the onsite portable Mass
Spectrometer. This fractured Basement was anticipated, and was one of the
Company's primary reservoir targets, therefore encountering elevated helium
shows in this zone is very encouraging.

Upon drilling into crystalline Basement, the fracture zone led to partial
losses of drilling mud. In order to stop these losses, which are not uncommon
in fracture zones, lost circulation material was successfully added to the
drilling mud. The decision was then made to call well TD at this stage, whilst
the wellbore remains in good condition, and to run wireline logs and take
downhole gas samples.

Before wireline operations commence, maintenance and safety checks on rig
equipment will be completed to enable the drill string to be pulled out of
hole safely and efficiently. The Company will then rig up for wireline and
aims to complete all wireline operations, along with preliminary
interpretations, before making any further announcements.

The timetable regarding a second well at Itumbula will be determined following
the results of the wireline operations at Tai-3.

 

Lorna Blaisse, Chief Executive Officer, commented:

"We are delighted with the initial results at Tai-3 and it was extremely
encouraging to see the helium shows increase with depth, as we had
anticipated. We are pleased to have successfully TD'd safely, and managed to
address the minor issues with the rig quickly and efficiently.

Given the mud losses encountered once we had reached the fractured Basement,
we've decided to TD now so we can minimise any risk to wellbore stability and
ensure that we can obtain successful logs and downhole gas samples. We're very
much looking forward to commencing wireline operations and further evaluating
the well."

 

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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