RE: Mcap6 Feb 2024 22:22
Chesh,
Yeah agree,
And now the company adds the ass value from this field when final testing is completed.
That’s when the big boys move in and we get priced out.
This company is in a great financial position now and will soon be either bought out or a JV will move in.
Get ready for the holdings RNS’s , our Shares will be swallowed up.
Doesn’t really matter now what’s said in these boards as the company value will have to reflect on the sp with or without any if our inputs.
Just make sure your part of it.
Lorna Blaisse, Chief Executive Officer, commented:
"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.
Flowing helium to surface in such high concentrations is a huge milestone for the Company and we will now fully evaluate these results and focus on advancing this project in the most effective way possible; one that will aim to achieve commerciality at the earliest opportunity.
This drilling campaign has been a huge success for both the Company and for Tanzania. I would like to thank all of those involved in bringing the project to this point of success - especially to our in-country teams and for the continued support from the Ministry of Minerals and the Mining Commission of Tanzania, as well as the local communities where we operate.
We look forward to providing further updates as we fully evaluate the results and outline how we are planning the next steps to advance the project."
Details
The successful results of the wireline logging, combined with the acquisition of image logs, confirmed the presence and location of the fault zones and fractured Basement that were originally identified through the evaluation of the 2D seismic. Helium shows obtained from the drilling mud whilst drilling had already indicated that these zones were likely to be helium-bearing intervals, and the wireline data enabled the well test intervals to be identified.
The Company identified three zones for well testing, and upon completion of each DST, all three zones successfully yielded downhole gas samples. When performing the Basement DST, high concentrations of helium began to flow to surface following reverse circulation and yielded a compositional mix up to 4.7% helium, 1.5% argon, 8% oxygen and 86% nitrogen. These results were evaluated using an onsite Mass Spectrometer and verified from downhole samples by a field PVT laboratory at the well site. A measured helium concentration of 4.7% equates to almost nine thousand times above background levels (5.3ppm).