(Alliance News) - Helium One Global Ltd's shares rose 18% after announcing on Tuesday the completion of its seismic exploration campaign and the identification of new drill targets at its Rukwa project in Tanzania.
Shares were trading at 23.98 pence in London on Tuesday morning after the announcement.
Helium One said it had completed its 200 kilometre 2D seismic campaign, with Chief Executive David Minchin commenting that the targets identified are thought to be "larger than interpreted from historical data".
Helium One, a Tanzania-focused helium miner, said it had upgraded the Tai prospect at Rukwa from a "low-priority" to "must-drill" target, after reviewing the campaign findings.
"We are delighted to have successfully completed our extended infill 2D seismic campaign, which has provided high-quality data across multiple prospects", said Minchin.
"Based on encouraging early results, the seismic campaign was expanded with an additional 50 line kilometres of acquisition over new priority prospects. Drilling will therefore begin in early-June, giving additional time for road and drill pad construction at this new site.
"We look forward to commencing our exploration drilling reinforced by high-quality, modern, 2D seismic data."
In a separate announcement, Helium One said it raised GBP134,981 after an exercise of warrants over 4.7 million shares.
By Will Paige; willpaige@alliancenews.com
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Helium One (HE1)