TIDMHE1
RNS Number : 9059T
Helium One Global Ltd
20 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.
20 November 2023
Helium One Global Ltd
("Helium One" or "the Company")
Tai-3 well results
Helium One Global (AIM: HE1), the primary helium explorer in
Tanzania, is pleased to announce that the Company has successfully
completed wireline logging and downhole sampling at the Tai-3
well.
Highlights:
-- Downhole fluid samples successfully recovered from reservoir
intervals in the Upper and Lower Karoo Group confirm the presence
of helium
-- Complete wireline logs and initial petrophysical analyses
demonstrate good quality reservoir sands in the Upper and Lower
Karoo Group, interbedded with well developed shale prone seals;
data recovered demonstrates a stratigraphic section, previously
undrilled in the Rukwa Rift Basin
-- Onsite pressure-volume-temperature analysis of downhole fluid
samples have yielded helium concentrations up to 8,320 parts per
million ("ppm") helium, which measure significantly above normal
background levels of approximately 5ppm
-- No Basement downhole samples were obtained as the wireline
tools could not be run past 1,430m measured depth ("MD") due to
washouts and ledges
-- Tai-3 well has now been suspended for future operations that
will involve drilling deeper into the Basement target, where an
increase in helium shows were encountered whilst drilling
-- Information and data obtained from the Tai-3 well results
have provided a much greater understanding of the active working
helium system in the region and a new well location on the Itumbula
prospect has been identified as a result of these findings
-- On completion of rigging down at Tai-3, the Company's
drilling rig will be moved to the new Itumbula location where the
iron rough neck and hydraulics will be repaired
-- Upon completion of the repair and maintenance work, the
Company plans to continue the drilling campaign
Tai-3 well
The Company has now successfully completed drilling and wireline
operations at the Tai-3 well, despite a number of unexpected
operating challenges,. These wireline operations have included
logging, and downhole pressure tests and sampling. The Company was
able to successfully run logging tools down to 1,430m MD (compared
to the current TD of 1,448m MD) and acquired downhole fluid samples
from four different zones in the Lower and Upper Karoo Group.
Petrophysical analysis of the downhole logs demonstrated little to
no zones of interest for sampling in the Lake Beds or Nsungwe
Formation.
The wireline logs have demonstrated a series of good quality,
stacked reservoir intervals in both the Upper and Lower Karoo Group
sections. In particular, the deeper Lower Karoo Group section which
had not previously been drilled in the Rukwa Rift Basin and initial
petrophysical analysis has demonstrated a series of well-developed
good quality reservoir sands. These sands range from 2-20m thick,
an average 17% porosity and 0.44 net to gross, interbedded with
shale prone seals. These reservoir-seal pairs, combined with their
proximity to the Basement helium source, makes this interval a very
interesting primary zone.
The Upper Karoo Group section demonstrates an increased shale
content, and more thinly bedded reservoir intervals. The Lake Bed
Formation is dominated by sandstones and shales, with minor amounts
of limestone. Initial petrophysical analysis of wireline logs over
the Lake Bed Formation demonstrates good to excellent quality
reservoir sands (average 24% porosity and 0.61 net to gross)
interbedded with thin claystones and limestones.
The downhole sampling programme, using a Baker Hughes Reservoir
Characterisation Instrument, successfully recovered samples from
four different intervals in the Lower and Upper Karoo Group.
Although, no free gas samples were obtained, there was evidence of
helium gas in solution when the samples were transferred at
surface, and pressure-volume-temperature analyses were performed.
These samples yielded helium up to 8,320ppm helium, with the
highest values encountered close to a small, faulted zone in the
Lower Karoo Group. It is noted that helium shows increased whilst
drilling into the Basement fracture zone until losses were
encountered and drilling operations were halted.
The presence of these helium-enriched fluids migrating through
the basin along fractures and fault zones that is likely to allow
the helium to migrate from the deeper Basement source rock. As a
result of this increased understanding of the regional
characteristic, the Company plans to drill deeper into the Basement
with a view that this trend continues, and helium concentrations
continue to increase at greater depths. On this basis, the decision
has been made to run 7" casing and suspend the Tai-3 well, so
Helium One can return at a later date and deepen the well.
Itumbula prospect
The Company is also in the process of reviewing the geology of
the Itumbula prospect, in light of information gleaned from Tai-3.
The Itumbula prospect is bound by one of the largest faults in the
basin, and this is associated with a prolific surface helium seep
which has measured up to 10.4% helium. The results from the Tai-1
and Tai-3 wells seem to indicate that it is the faults and Basement
fractures that are releasing the highest concentrations of helium
and, therefore, the Company now intends to target the western
bounding fault of the Itumbula prospect during the second phase of
this drilling campaign.
The Company is still finalising the details of the repair work
that is required for the rig and will provide updates as soon as
that information is available; as well as plans for the revised
well location once concluded.
Lorna Blaisse, Chief Executive Officer, commented:
"These results are very encouraging indeed and we are delighted
to have completed the Tai-3 well safely and to have been able to
acquire a full set of wireline logs and downhole samples. This is
an excellent result for the Company and a huge testament to the
team's performance, especially given the challenges we have faced
along the way.
Whilst disappointing that we were unable to run the wireline
tools further into the Basement target at this time, given the
increased helium shows we saw at this depth, we are confident that
by casing the well and suspending Tai-3, we will be able to return
at a later date and target the fractured Basement helium play which
we believe to have significant potential.
We have continued to demonstrate that there is an established
working helium system in the Rukwa Basin and the Tai-3 well has
given us a fundamental set of geological learnings, which we now
intend to apply to the Itumbula prospect.
Once Tai-3 has been rigged down we will move the rig to Itumbula
where our primary focus will be on repairing the Predator 220 rig
and, armed with valuable information and data gained from Tai 3,
moving onto our second well of this drilling campaign on
Itumbula."
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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