TIDMHE1
RNS Number : 3339X
Helium One Global Ltd
04 May 2021
4 May 2021
Helium One Global Ltd
Completion of Extended 2D Seismic Campaign and Identification of
New Priority Prospects
Helium One (AIM: HE1) ("Helium One" or "the Company") is pleased
to announce the completion of its extended infill 2D seismic
campaign and identification of new priority drill ready targets
ahead of commencement of exploration drilling programme at Rukwa
Project (100%) in Tanzania.
Highlights:
-- Completion of an extended 200km 2D seismic campaign,
including an additional 50 line kilometres providing further data
on new priority prospects
-- Modern seismic data is of a higher quality than earlier work,
resulting in a better understanding of the subsurface and
reassessment of geological risk across our portfolio
-- Improved data resolution over multiple prospects, highlighted
by an upgrade of the Tai prospect, with stacked targets believed to
be across a larger area than those interpreted from historical
data
-- Zero lost-time injuries and no HSE incidents across 97,280 man-hours of remote working
-- Ongoing seismic interpretation supports improved drill
targeting over the three / four hole exploration drilling campaign,
now commencing in early-June with first hole planned at Tai
prospect
David Minchin, Chief Executive Officer, commented:
"We are delighted to have successfully completed our extended
infill 2D seismic campaign, which has provided high-quality data
across multiple prospects. Based on encouraging early results, the
seismic campaign was expanded with an additional 50 line kilometres
of acquisition over new priority prospects.
"Safety is of paramount importance when working in a remote
location. We are very grateful to our consultants and supervisors,
but especially appreciative of the dedicated teams of workers
recruited from local villages, who have been able to deliver this
seismic campaign with zero lost-time injuries.
"Additional data has resulted in a reprioritised drilling
campaign with drilling starting over a faulted 3-way dip closure at
Tai, with multiple stacked targets. This prospect is believed to be
larger than interpreted from historical data, which has contributed
to the Technical Team's decision to upgrade Tai from a
'low-priority' to 'must-drill' target. Drilling will therefore
begin in early-June, giving additional time for road and drill pad
construction at this new site.
"We look forward to commencing our exploration drilling
reinforced by high-quality, modern, 2D seismic data."
Infill Seismic Campaign
In mid-February of this year, Helium One commenced an infill 2D
seismic campaign consisting of 150 line kilometres of seismic
acquisition, targeting shallow trap structures identified from
historic seismic and gravity data. Closely spaced seismic data
acquisition focussed on areas of known prospectivity to provide
greater clarity over subsurface structures which Helium One
believed to have the highest chances of successfully discovering
helium.
Data acquisition commenced in mid-March and, following
encouraging early results, the decision was made to extend the
seismic campaign with the acquisition of an additional 50 line
kilometres of 2D seismic. Additional line kilometres targeted
several new and high priority closures including Tai, Mbuni, Mamba,
Chiruku and Itumbula.
Initial data interpretation has upgraded and expanded the Tai
prospect, which was poorly defined on legacy seismic data, but now
clearly demonstrates a faulted 3-way dip closure concurrent with a
gravity high. New data has identified stacked targets within
multiple closures over an expanded area that we now plan to test as
our first drill well.
By focussing on stacked closures in our first exploration well,
Helium One hopes to identify charged horizons with the highest
quality seal to assist in the planning of subsequent wells.
Relocating our first well to Tai will necessitate approximately two
weeks of additional time required to upgrade existing tracks,
construct a drill pad, and receive all necessary regulatory permits
to commence drilling at this new location.
The newly acquired 2D seismic data is of good quality with a
greater understanding of subsurface geology. Modern data allows
improved interpretation of structuration and trapping styles, and
aids a better understanding of reservoir characteristics and
reservoir-seal pairs within each stratigraphic sequence. Ongoing
seismic interpretation supports improved drill targeting for our
maiden exploration campaign, which is now planned to commence
drilling in early-June.
For further information please visit the Company's website:
www.helium-one.com
Contact
Helium One Global Ltd
David Minchin, CEO +44 20 7920 3150
Beaumont Cornish Ltd (Nominated
Adviser)
James Biddle
Roland Cornish +44 20 7628 3396
Canaccord Genuity Limited (Joint
Broker)
Adam James +44 20 7523 8000
Peterhouse Capital Limited (Joint
Broker)
Lucy Williams +44 20 7220 9792
Pello Capital (Retail Broker)
Callum Hill +44 20 3700 2500
Tavistock (Financial PR)
Nick Elwes +44 20 7920 3150
Notes to Editors
Helium One has identified a globally unique, large-scale,
high-grade, primary helium project in Tanzania with the potential
to become a strategic asset in resolving a supply-constrained
market.
Helium One's assets are located within the rift basins on the
margin of the Tanzanian Craton. Through Helium One's subsidiary
companies Gogota (Tz) Limited, Stahamili (Tz) Limited and Njozi
(Tz) Limited, the Company has secured 18 Prospecting Licences
covering more than 4,512 km(2) in three distinct project areas: the
Rukwa, Balangida and Eyasi projects. These are located near surface
seeps with helium concentrations ranging up to 10.5% He by
volume.
The Rukwa Project is located within the Rukwa Rift Basin
covering 3,448km(2) in south-west Tanzania. The project is
considered to be an advanced exploration project and the company
has identified 4 prospects and 21 leads based on historical
drilling, reprocessed seismic lines, high resolution gravity
survey, and surface seep analyses.
SRK Consulting have reported a 'Best Estimate' Un-risked
Prospective Resource of 138 Bcf (2U/P50) for the Company's Rukwa
Project, meaning that the project has potentially strategic global
implications with the ability to significantly resolve helium
supply/demand issues.
All Helium One's licences are held on a 100% equity basis and
are in close proximity to the required infrastructure.
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 HOGLF.
Technical Sign off
Lorna Blaise, the Principal Geologist of the Company, who has
over 15 years of relevant experience in the oil and gas industry,
has approved the information contained in this announcement. Lorna
Blaisse is a fellow of the Geological Society of London and a
member of Petroleum Exploration Society of Great Britain.
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