Helium One Global Ltd - exploration and development company with assets in Tanzania - Completes drilling of the Tai-1A exploration well to a depth of 1,121 metres at its entirely-owned Rukwa Project in Tanzania. Finds helium in all three target formations and over five intervals in the Karoo formation, confirming the presence of a working helium system in the Rukwa Basin. Says it was unable to run wireline tools beyond 882 metres due to deteriorating hole conditions.
Company says: "Deeper show intervals identified in thicker and cleaner sandstone units of the main Karoo Formation were not logged.
"With deteriorating hole conditions and no free gas identified we could not drill stem test at Tai-1A leaving untested shows. We have learnt a lot about the subsurface of the Rukwa Basin which we can carry forward into planning our ongoing exploration programme, which may include redrilling of Tai prospect to test identified targets."
Current stock price: 13.54 pence, down 48% on Wednesday
Year-to-date change: up 88%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Helium One (HE1)