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Pin to quick picksHelium One Share News (HE1)

Share Price Information for Helium One (HE1)

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Share Price: 1.35
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Helium One starts drilling at Tai-3 well

Mon, 25th Sep 2023 13:11

(Sharecast News) - Tanzania-focussed helium explorer and developer Helium One Global announced the start of drilling at its Tai-3 well on Monday.

The AIM-traded company said the drilling project at Tai-3 was designed to reach a total depth of 1,100 metres and was expected to hit that target about two weeks after commencement.

It said the exploration sought to tap into multiple reservoir targets within the Lake Bed Formation, the Karoo Group, and the Basement.

To ensure accurate and timely monitoring of the helium gas shows, Geolog was overseeing mudlogging throughout the drilling process.

A portable mass spectrometer was also deployed on-site to validate and measure any helium gas shows encountered.

In preparation for further assessments, Baker Hughes provided wireline equipment and staff once the total depth was reached.

The equipment was currently undergoing tests and would be used for wireline operations upon hitting the intended depth.

After achieving the total depth, the evaluation of logs and the collection of downhole samples were slated to be completed over a subsequent two-week period.

"This is a huge and very exciting milestone for the company," said chief executive officer Lorna Blaisse.

"The operations that we are undertaking are a significant shift in both scale and approach from what we undertook in phase one.

"The team has worked exceptionally hard to get to this point and we are focused on delivering a safe and successful drilling campaign."

Blaisse said that by adopting an oil and gas best practice approach to this drilling campaign from drilling, logging and sampling right through to HSE guidelines and procedures, the firm was giving itself the best possible opportunity to deliver success at Tai-3.

"We look forward to providing further updates once TD has been achieved and once the logs and initial analyses have been completed."

At 1336 BST, shares in Helium One Global were down 2.95% at 6.25p.

Reporting by Josh White for Sharecast.com.

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