TIDMHE1
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
Contact
Helium One Global Ltd +44 20 7920
Lorna Blaisse, CEO 3150
Liberum Capital Limited (Nominated Adviser
and Joint Broker)
Scott Mathieson
Ed Thomas +44 20 3100
Nikhil Varghese 2000
Peterhouse Capital Limited (Joint Broker) +44 20 7220
Lucy Williams 9792
Tavistock (Financial PR)
Nick Elwes +44 20 7920
Tara Vivian - Neal 3150
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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END
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