TIDMHE1
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
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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