TIDMHE1
RNS Number : 8674Y
Helium One Global Ltd
08 January 2024
08 January 2024
Helium One Global Ltd
("Helium One" or "the Company")
Itumbula West-1 Commencement of Drilling
Helium One Global (AIM: HE1), the primary helium explorer in
Tanzania, is pleased to announce that drilling at the Itumbula
West-1 well commenced on 06 January 2024.
Highlights
-- Drilling has commenced at the Itumbula West-1 well
-- Targeting two major fault zones and the Karoo Group
-- Geolog undertaking mudlogging whilst drilling to monitor helium gas shows
-- Portable mass spectrometer and field
pressure-volume-temperature specialist on site to measure and
validate helium gas shows as well as downhole samples
-- Downhole reservoir testing equipment has been mobilised
internationally to perform open hole well testing and fully
evaluate the fault zones
-- Baker Hughes, energy technology company, continue to provide
third party services for wireline, fluids and cementing
-- Part relinquishment of Prospecting Licence ("PL") 10704/2015
in the Balangida Rift Basin, following an internal license review
completed earlier last year, now ratified by Tanzanian
Government
Background and further information
Following the successful instalment of the new iron rough neck
and completion of the hydraulic repairs, the Itumbula West-1 well
was successfully spudded on 06 January 2024. The Company is
currently cementing the 20" conductor ahead of drilling the 17.5"
hole section.
Following the drilling of the Tai-3 well and acquisition of
valuable data, the two primary objectives of this well are to
target and evaluate the fault system as well as the conventional
Karoo play, both of which are anticipated to yield helium.
Therefore, in addition to the conventional mudlogging and wireline
procedures that were undertaken on Tai-3, the Company also aims to
perform an open hole well test in both the fault zones and Karoo
targets on Itumbula West-1. Whilst drilling, the Company will be
measuring gas shows using Geolog's mudlogging services and a
portable mass spectrometer.
Once the wireline logs have been run and evaluated, the Company
will also have the option to take downhole samples under reservoir
conditions using Baker Hughes' Reservoir Characterisation
Instrument tool. The Company will be able to transfer and evaluate
these samples onsite, as well as sending duplicate samples for
laboratory analyses at a leading noble gas laboratory.
The whole process from spud to completion of logs and well
testing is expected to take approximately four to five weeks.
The Company continues to engage with the University of Dar es
Salaam, who have appointed a member of staff from their Department
of Geosciences to be involved with this well in order to gain
valuable experience in what continues to be a flagship project in
Tanzania.
Licence update
Following a license review early last year, the Company applied
for a part relinquishment of PL 10704/2015 in the Balangida Rift
Basin. The 125km(2) area selected for relinquishment was based on
the following:
-- area with no, or poorly, defined exploration leads; and
-- area on outcropping basement i.e. no sediment fill and therefore deemed to be non-prospective
This part relinquishment has recently been ratified by the
Tanzania Mining Commission and the area retained is based upon the
following criteria:
-- a prospective area supported by gravity-magnetic data, known
surface helium seeps, multispectral satellite spectroscopy data and
soil gas surveys
Helium One now holds a PL footprint in the Balangida Rift Basin
totalling 134km(2) . All other PLs remain unchanged. Total area of
PLs now held by Helium One Global is 2,840km(2) .
Lorna Blaisse, Chief Executive Officer, commented:
"We are delighted to have spudded the Itumbula West-1 well. This
prospect demonstrates the potential to yield some positive results
and, having the ability to both drill and test a fault play,
provides us with every opportunity of giving it the best chance of
a successful outcome. We look forward to making further
announcements in due course as we drill, log and test 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 2,840km(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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