(Sharecast News) - Tanzania-focussed helium explorer Helium One Global announced a new independent verification of prospective resources at its Tai Prospect on Monday.
The AIM-traded firm said the evaluation, conducted by reserves auditors ERC Equipoise, resulted in significant increases in the estimated helium and total gas resources.
According to the report, the deterministic sum of the unrisked estimates of 2U net helium prospective resources at Tai was 2.8 billion cubic feet.
Additionally, the deterministic sum of the unrisked 2U total gas prospective resources across various intervals was 212.2 billion cubic feet.
Helium One said the figures represented a strong 61% increase in the original resource estimate from the previous competent person's report, completed in 2020 by SRK Consulting Australasia.
Additionally, the report said the deterministic sum of the 3U net helium prospective resources was 7.1 billion cubic feet, reflecting a 30% increase from the 2020 report.
The 3U total gas prospective resources also saw a significant boost, with a deterministic sum of 437.8 billion cubic feet, representing a substantial 294% increase from the previous report.
Helium put the notable increase in estimated resources down to a more detailed interpretation of additional 2D seismic data acquired in 2021, as well as its enhanced understanding of the structural closure.
"We are very pleased to have carried out this independent report with leading reserve auditors ERCE as it provides us with a robust view of our drill ready prospect," said chief executive officer Lorna Blaisse.
"The team has undertaken a huge amount of detailed technical work over the past two years and we are very confident that the Tai prospect gives us the best chance of proving up helium in the Rukwa Basin.
"With a substantial increase in prospective resources and a geological chance of success similar to that which was concluded in the previous competent person's report, I remain encouraged that Tai is still our best prospect in our Rukwa Basin portfolio."
At 1126 BST, shares in Helium One Global were up 2.94% at 7p.
Reporting by Josh White for Sharecast.com.
Helium One (HE1)