RE: Times article6 Feb 2024 19:54
Helium explorer lifted by discovery
Helium One Global's stock market value doubles on progress at its Rukwa project in southwestern
Tanzania
Jessica Newman
Tuesday February 06 2024, 12.01 am, The Times
Helium One Global's stock market value doubled on Monday after the gas exploration outfit announced a discovery at its Rukwa project in southwestern Tanzania.
The Aim-listed company said its Itumbula West-1 well had successfully flowed a high concentration of helium, with concentrations reaching 4.7 per cent. "Flowing helium to surface in such high concentrations is a huge milestone for the company," Lorna Blaisse, chief executive of Helium One, said, adding that management would focus on achieving "commerciality at the earliest opportunity".
In addition to finding helium, the group also discovered that hydrogen flowed to the surface during testing.
Helium One, which floated on the stock market in 2020, operates three assets in Tanzania: Rukwa, Balangida and Eyasi.
Analysts at Liberum, the company's house broker, target pice 20p