REG - Helium One Global Ld - Successful deepening of Itumbula West-1 well

Helium One GlobalAnnouncement

06/08/2024 07:00

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RNS Number : 2626Z  Helium One Global Ltd  06 August 2024

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.

 

06 August 2024

 

 

Helium One Global Ltd

("Helium One" or "the Company")

 

Successful deepening of Itumbula West-1 well

Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is
pleased to provide the following update on Itumbula West-1 ("ITW-1")
operations.

 

Highlights

·    The Company has successfully re-entered and deepened the ITW-1 well a
further 168m into the Basement and has reached a new total depth ("TD") of
1129m measured depth ("MD")

·    Near-continuous helium and hydrogen shows measured whilst drilling
and were notably higher than those encountered whilst drilling the overburden
section during Phase II

·    Commenced preparations for running 7" slotted casing and cementing
operations

·    Once casing is cemented in place, extended well test ("EWT")
operations will commence across two intervals; fractured Basement and faulted
Karoo Group

 

Details

The Company has successfully re-entered and deepened the ITW-1 well a further
168m into the fractured Basement and has reached a new TD of 1129m MD. The
existing hole conditions were very good and enabled the wellbore re-entry
beneath the 9⅝" shoe, and subsequent deepening into the Basement, to occur
efficiently.

Whilst deepening the well, near-continuous helium and hydrogen shows were
encountered whilst drilling. The frequency of these shows continued to TD and
were notably higher than those which were encountered whilst drilling the
overburden section during Phase II.

The next phase of the operations now involves preparing the wellbore for
running the 7" slotted casing and cementing it in place. Once this is
complete, the Company will then run a completion string in the hole comprising
of tubing and packers to allow multiple testing of the two zones (the
fractured Basement and the faulted Karoo Group) during the EWT.

The Company will provide further updates in due course.

 

Lorna Blaisse, Chief Executive Officer, commented:

"We are pleased that we have been able to re-enter and deepen the ITW-1 well
as planned. It has been very encouraging seeing the helium and hydrogen shows
continuing whilst drilling this deeper section, and we look forward to
evaluating these results further through the EWT.

I'd like to extend my thanks to the wider team in a safe execution of this
drilling phase, as well as the continued support from the Ministry of Minerals
and Mining Commission in Tanzania."

 

For further information please visit the Company's website: www.helium-one.com
(http://www.helium-one.com)

Contact

 Helium One Global Ltd                                         +44 20 7920 3150

 Lorna Blaisse, CEO

 Graham Jacobs, Finance and Commercial Director

 Panmure Liberum Limited (Nominated Adviser and Joint Broker)  +44 20 3100 2000

 Scott Mathieson

 Nikhil Varghese

 Zeus Capital Limited (Joint Broker)                           +44 20 3829 5000

 Simon Johnson

 Louisa Waddell

 Tavistock (Financial PR)                                      +44 20 7920 3150

 Nick Elwes

 Tara Vivian-Neal

 

Notes to Editors

Helium One Global, the AIM-listed Tanzanian explorer, holds prospecting
licences 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%
helium by volume. All Helium One's licences are held on a 100% equity basis.

The Company's flagship southern Rukwa Project is located within the Rukwa Rift
Basin covering 1,900km(2) in south-west Tanzania.  This project is considered
to be entering an appraisal stage following the success of the 2023/24
drilling campaign, which has proved an established helium system where the
Itumbula West-1 exploration well successfully flowed 4.7% helium to surface in
Q1 2024. Additional follow-on leads and prospects are defined by subsurface
database including multispectral satellite spectroscopy, airborne gravity
gradiometry, 2D seismic data, and QEMSCAN analysis.

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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