REG - Helium One Global Ld - Southern Rukwa Project Update

Helium One GlobalAnnouncement

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RNS Number : 0451T  Helium One Global Ltd  16 February 2026

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.

 

16 February 2026

 

 

 

 

Helium One Global Ltd

("Helium One" or the "Company")

 

ESP Testing Demonstrates Enhanced Flow Rates and Supports Strategic Farmout
Process

 

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania with a
50% working interest in the Galactica-Pegasus helium development project
in Colorado, USA, provides the following update on the southern Rukwa Helium
Project.

 

Highlights

·     Successful completion of Electrical Submersible Pump ("ESP") testing
at ITW-1 at the southern Rukwa Helium Project with zero Lost Time Injuries

·      Produced over the equivalent of 250,000 barrels ("bbl") of water
over a testing period of 20 days, with flow rates of up to an equivalent of
16,400 barrels per day ("bpd") - a six-fold increase in flow rate, compared
with natural flow during the 2024 Extended Well Test ("EWT")

·     Sustained helium concentrations of 5.4% (air corrected) with a
maximum concentration of 9.2% (air corrected) at surface

·    Sustained average measured gas water ratio ("GWR") readings of 0.06
m(3)/m(3) (0.05 Sm(3)/Sm(3) corrected for stp(1)) with a peak of 0.1 m(3)/m(3)
(0.08 Sm(3)/Sm(3) corrected for stp(1)) during the continuous flow period

·     Downhole temperature measurements and salinities suggest mixing from
both Basement sourced fluids and a Karoo Group aquifer

·      Upon shut in, the wellhead pressure and downhole pressure quickly
re-pressurised indicating encouraging reservoir support

·      Strategic farmout process to commence to identify and select a
suitable industry partner

 

James Smith, Chairman, commented:

"The successful completion of the ESP testing programme represents an
important operational milestone for Helium One and further demonstrates the
production potential of the southern Rukwa Helium Project.

The testing delivered consistent and reliable operational performance, with
ESP flow rates exceeding expectations and sustained helium concentrations in
line with anticipated ranges. Whilst the gas water ratio was towards the lower
end of the expected outcome range, the results provide valuable technical
insight and further support the Company's understanding of the subsurface
system.

Importantly, the operational success of this programme provides a strong
foundation for the Company to progress discussions with potential industry
partners and seek external investment to advance the project towards
development. The Company intends to commence this process imminently.

The Board looks forward to updating shareholders as the Company continues to
advance the southern Rukwa Helium Project towards commercial development."

 

Lorna Blaisse, Chief Executive Officer, commented:

"The ESP has effectively demonstrated that we can produce over 16,000 bpd and
maintain consistent levels of helium concentrations over an extended period of
time whilst managing the water disposal at surface.

We now need to increase our understanding of the Basement fault and fracture
play, where we believe there is the potential to increase GWRs and helium
concentrations. In order to do this, a further work programme will be
required, and we will commence a strategic farmout process to seek an industry
partner to help us deliver this.

I would like to thank the teams for all their efforts during this operational
phase and extend my thanks to the local communities for their ongoing support
of this project. The Company would also like to thank the Ministry of Minerals
and the Mining Commission in Tanzania for their ongoing support."

 

Details of ESP Testing

The Company has successfully completed the ESP testing programme at the
ITW‑1 well in southern Rukwa, and results from this testing programme
provide key operational and technical data required to advance the project.

 

Following final downhole function checks and setup of surface equipment, the
testing period commenced on 26 January, 2026 and was completed on 14 February,
2026.  The ESP equipment was provided and operated by CenerTech Group, part
of the Chinese National Offshore Oil Company (CNOOC) and was operated for over
450 hrs with zero maintenance or downtime. Equipment and personnel are now
being demobilised.

 

The well flowed at rates of up to the equivalent of 16,400 bpd with an average
flow rate of 15,000 bpd on a maximum pump frequency of 55 Hertz. The ESP has
successfully demonstrated a six‑fold increase in flow rate, compared with
natural flow during the 2024 EWT, with sustained levels of helium
concentrations at surface.

 

Sustained GWR measurements averaged 0.06 m(3)/m(3) (0.05 Sm(3)/Sm(3) corrected
for stp(1)) at 5.4% helium with a peak reading of 0.1 m(3)/m(3) (0.08
Sm(3)/Sm(3) corrected for stp(1)) during the continuous flow period.  The GWR
used in the P90 case in the independent Competent Persons Report, that was
completed in June 2025, was 0.04 Sm(3)/Sm(3) with helium assumed to be 3.3%.

 

Temperature and salinity measurements recorded during the ESP test suggests
that there may have been a higher contribution of shallower fluids from the
Karoo aquifer which could have lowered the overall GWR and helium
concentration.

 

The ESP was set 1,061m measured depth ("MD") within the fractured Basement,
which was the lowest point at which the ESP could be set in open hole at the
time of running in. This depth was slightly shallower than planned due to open
hole ledges and the pump was positioned at the upper end of the primary
Basement target. A packer was set in the lowermost Karoo Group at 840m MD to
reduce comingled flow, but due to the nature of the high NtG(2) and
connectivity in the Karoo reservoir, the data suggests that isolation of
Basement was not fully achieved.

 

During the testing period, the well produced a sustained average concentration
of 5.4% helium (air corrected), with a peak of 9.2% helium (air corrected).
The helium appears to be transported to surface primarily within fluids that
were consistently measured at 90°C. This suggests dilution from the Karoo
aquifer as pure Basement-derived fluids would have presented hotter
temperatures at this depth, based on the known geothermal gradient for this
area on the Itumbula High.

 

In addition to the temperature readings, the Company has also measured lower
than expected salinity readings from the produced water - both from onsite
testing and third-party laboratory testing in Tanzania. These values also
support the rationale of an element of dilution from the younger Karoo
aquifer, which has likely impacted the GWR measurements.

 

During the final stages of testing, the well was shut in and pressure
measurements taken. During these tests, it was observed that the wellhead
pressure and downhole pressure quickly re-pressurised which indicates
encouraging reservoir support and the likelihood of a wider connected
resource.

 

The ESP produced more than the equivalent of 250,000 bbl of water, a
six‑fold increase in flow rate compared with natural flow during the 2024
EWT, with no loss of helium concentrations. One of the concerns ahead of the
ESP operation was water disposal at surface, which was carefully managed and
subsequently did not impact the testing phase.  Going forward, this enables
the Company to re-evaluate future water disposal options.

 

Forward Plan

The Company will now continue to evaluate the results of this test. In
particular, it will seek to increase its understanding of the sources and
interaction of the helium enriched fluids that have been identified. This will
require further drilling and testing, which will likely focus on primary
fractured Basement targets at other locations across the 480 km(2) Mining
Licence area. A number of these targets have already been identified by the
Company, and many of these are at shallower depths where the Basement is
juxtaposed against faults.

 

During this evaluative phase, the Company will also consider additional data
acquisition options which will enable a more detailed evaluation of Basement
fractures and connectivity. Future work programmes will need to focus on
appraising the full potential of the Basement helium play.

 

In order to assist with further trajectory towards development of the southern
Rukwa Helium Project, the Company believes that now is an appropriate time to
seek third party financing. To this extent, the Company will now embark upon a
formal farmout process that will identify and select a suitable industry
partner.

 

Definitions

 

(1)stp Standard temperature and pressure conditions. Refers to the nominal
conditions in the atmosphere at sea level. These conditions are 15 degrees
Celsius and 1 atmosphere (atm) of pressure

 

(2)NtG Net to Gross is the measurement of clean, porous, and permeable
reservoirs. High values suggest lack of seals and impermeable layers

( )

 

For further information please visit the Company's
website: www.helium-one.com (http://www.helium-one.com/)

 

 

 Helium One Global Ltd                                         +44 20 7920 3150
 Lorna Blaisse, CEO

 Graham Jacobs, Finance and Commercial Director

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

 Scott Mathieson

 Phoebe Bunce

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

 Simon Johnson

 Louisa Waddell

 Tavistock (Financial PR)                                      +44 20 7920 3150

 Nick Elwes

 Saskia Sizen

Notes to Editors

 

Helium One Global, the primary helium explorer in Tanzania with a 50% working
interest in the Galactica-Pegasus helium development project in Colorado,
USA. The Company holds helium licenses within two distinct helium project
areas, across two continents. With an expanding global footprint, the Company
has the potential to become a strategic player in resolving a
supply-constrained helium market.

 

The Company's flagship southern Rukwa Project is located within the
southern Rukwa Rift Basin in south-west Tanzania.  This project is
advancing to a development stage following the success of the 2023/24
exploration drilling campaign, which proved a helium discovery at Itumbula
West-1 and, following an EWT, successfully flowed 5.5% helium continually to
surface in Q3 2024.

 

Following the success of the EWT, the Company filed a Mining Licence ("ML")
application with the Tanzania Mining Commission in September 2024 and the
480km(2) ML was formally awarded to the Company in July 2025.

 

The Company also owns a 50% working interest in the Galactica-Pegasus helium
development project in Las Animas County, Colorado, USA. This project is
operated by Blue Star Helium Ltd (ASX: BNL) and successfully completed a six
well development drilling campaign in H1 2025. The completion of the
development programme is a key component of the broader Galactica-Pegasus
development strategy; aimed at progressing the helium and CO(2) discoveries
to near-term commercial production.

 

This programme has seen a systematic approach to developing the extensive
Lyons Formation reservoir. The programme has delivered encouraging results, in
line with expectations, consistently encountering good helium (up to 3.3% He)
and CO(2) concentrations in the target formation and demonstrating promising
flow potential. The initial Galactica wells were tied into production in Q4
2025, with further wells coming onstream in 2026 for both helium and CO(2)
production.

 

Technical Sign off

Dr. Richard Dolman, the Company's Technical Lead, who has over 30 years of
relevant experience in the Oil and Gas Industry, has approved the information
contained in this announcement. Richard Dolman is a member of the European
Association of Geoscientists and Engineers and the Society of Exploration
Geophysicists.

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