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No update required. This needs to sink in first.
The primary helium explorer updated shareholders on the completion of the Itumbula West-1 well, which saw helium flow to the surface.
It said the Itumbula West-1 well, in Tanzania, has successfully completed all wireline logging and drill stem testing operations. Further, the well successfully flowed a high concentration of helium to the surface from basement, at a measured concentration up to 4.7% helium.
New interview HE1 out today
Https://www.youtube.com/watch?v=VMkvHfmJupY&t=67s
The sand jetting operation is expected to take 10 - 14 days, including the time required to re-install the rod pump and recommence production. Once the well is fully clean, which is anticipated to take several weeks, it is expected that the rod pump will be replaced with an Electrical Submersible Pump ("ESP") to maximise production - this is currently scheduled to take place in April 2024.
On AIM, Helium One shares jumped 92%.
The primary helium explorer updated shareholders on the completion of the Itumbula West-1 well, which saw helium flow to the surface.
It said the Itumbula West-1 well, in Tanzania, has successfully completed all wireline logging and drill stem testing operations. Further, the well successfully flowed a high concentration of helium to the surface from basement, at a measured concentration up to 4.7% helium.
AIM - WINNERS
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Helium One Global Ltd, up 71% at 2.35 pence, 12-month range 0.19p-10.30p. The primary helium explorer updates on the completion of the Itumbula West-1 well which saw helium flow to surface. It says Itumbula West-1 well has successfully completed all wireline logging and drill stem testing operations. The well successfully flowed a high concentration of helium to surface from Basement, at a measured concentration up to 4.7% helium. "We are delighted with the findings from Itumbula West-1 and the results from the down hole well testing have clearly confirmed the presence of a producing helium province in the Rukwa Rift Basin. The learnings from the Tai-3 well provided invaluable additional subsurface information and how the helium system works. By applying these findings, we adjusted our well location at Itumbula, and this has certainly yielded the results we were hoping for and justified that decision," Chief Executive Lorna Blaisse says.
AIM - WINNERS
----------
Helium One Global Ltd, up 71% at 2.35 pence, 12-month range 0.19p-10.30p. The primary helium explorer updates on the completion of the Itumbula West-1 well which saw helium flow to surface. It says Itumbula West-1 well has successfully completed all wireline logging and drill stem testing operations. The well successfully flowed a high concentration of helium to surface from Basement, at a measured concentration up to 4.7% helium. "We are delighted with the findings from Itumbula West-1 and the results from the down hole well testing have clearly confirmed the presence of a producing helium province in the Rukwa Rift Basin. The learnings from the Tai-3 well provided invaluable additional subsurface information and how the helium system works. By applying these findings, we adjusted our well location at Itumbula, and this has certainly yielded the results we were hoping for and justified that decision," Chief Executive Lorna Blaisse says.