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Helium One Group Ltd - Tanzania-focused helium miner - For the six months ended December 31, pretax loss widens to USD3.9 million from USD1.6 million the year before, mainly from impairments of USD2.3 million, booked against the purchase consideration for the assets and liabilities of Attis Oil & Gas Ltd in early December.
Net cash balance as at December 31 stands at USD6.6 million from USD577,997 the prior year following an oversubscribed fundraise, leaving the company fully funded for its initial exploration programme at the Rukwa project in Tanzania, for which drilling is due to start in mid-May.
"We are now delivering this programme which is advancing at pace and on budget. The infill seismic data that is being acquired is the last stage prior to defining the optimal drill locations for our drilling campaign, expected to commence in mid-May. With the upgraded drill rig supplied by Mitchell Drilling, we have the operational flexibility to move straight from exploration to appraisal, further fast tracking the operations whilst saving considerable money," said Chair Ian Stalker.
Current stock price: 7.57 pence
Year-to-date change: up 4.4%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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