Helium One Global Ltd Operational update (6245R)
October 30 2023 - 2:00AM
UK Regulatory
TIDMHE1
RNS Number : 6245R
Helium One Global Ltd
30 October 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.
30 October 2023
Helium One Global Ltd
Operational update
Helium One Global (AIM: HE1), the primary helium explorer in
Tanzania, provides the following update on the drilling of the
Tai-3 well.
Highlights
-- Tai-3 well has successfully encountered helium shows whilst
drilling in the Lake Bed Formation and the Karoo Group
-- The Basement reservoir target has come in deep to prognosis
and is yet to be reached; this has extended the drilling period
-- Well depth is currently at 1,445m measured depth ("MD"), with
well total depth ("TD") now expected to be at 1,550m MD
-- On Sunday 29(th) October, whilst drilling the final section,
the rig encountered a mechanical and an electrical fault which
resulted in a temporary rig shut down to allow for troubleshooting
and repairs
-- Once drilling recommences, the Basement target should be
reached quickly and this will be followed by a comprehensive
wireline programme to fully evaluate the helium shows encountered
whilst drilling
Details
The Tai-3 well has encountered helium shows whilst drilling in
the Lake Bed Formation and the Lower Karoo Group. These
measurements were made on the Micro Gas Chromatograph whilst
drilling and have also been calibrated with the portable mass
spectrometer to confirm the presence of helium in the mud gas.
The Company has not yet reached the third reservoir target of
Basement and were hoping to reach well TD yesterday. The Basement
target is now over 400m deeper than prognosed, but cuttings have
indicated the presence of weathered metamorphic material,
indicating that the well is now very close to the target
interval.
On Sunday 29(th) October, whilst running back in hole following
a drill bit change, there was a seal failure on the iron rough neck
which is used to make and break connections of drill pipe. The
Company is confident that this part can be replaced in-country but
will require a few days to source and repair.
Following the component failure in the rig carrier on 4(th)
October and prior to yesterday, the Predator 220 drilling rig had
continued to perform well.
Once drilling has recommenced and has reached TD in Basement,
the Company will then rig up for wireline operations and commence
logging in order to gain additional information on reservoir
characteristics, as well as to identify and sample any gas-bearing
intervals. The Company will make further announcements in due
course.
Lorna Blaisse, Chief Executive Officer, commented:
"We are pleased with the current results of Tai-3 with
encouraging helium shows encountered in the Lake Beds and the
Karoo. These initial results still need further evaluation to
determine the full extent of what we have at Tai and where there
may be gas-bearing intervals.
Whilst it's frustrating to have suffered another small setback
with the rig, we are confident we will resolve these issues quickly
so we can get back to drilling and target the remaining reservoir
in the Basement."
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 2,964km(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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