(Alliance News) - Helium One Global Ltd on Thursday said its Itumbula West-1 well in Tanzania has successfully reached a total depth of 961 metres.
Shares in Helium One Global surged 55% to 0.30 pence each in London on Thursday morning.
The London-based primary helium explorer said elevated helium shows, which were 20 times above background, were consistently measured while drilling the Lake Beds Formation, Red Sandstone Group, Karoo Group and Basement targets.
"The initial results from the Itumbula West-1 well are very positive. We have encountered elevated helium shows, as the team had anticipated pre-drill, all the way to Basement. The wireline logs are the crucial next step in identifying which intervals we will test and sample for further evaluation," said Chief Executive Officer Lorna Blaisse.
By Sabrina Penty, Alliance News reporter
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Helium One (HE1)