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Itumbula West-1 well flows helium (4.7%) to surface
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, is pleased to provide the following update on the completion of the Itumbula West-1 well which saw helium flow to surface.
Highlights
· Itumbula West-1 well has successfully completed all wireline logging and drill stem testing ("DST") operations
· The well successfully flowed a high concentration of helium to surface from Basement, at a measured concentration up to 4.7% helium
· A measured helium concentration of 4.7% equates to almost nine thousand times above background levels
· Hydrogen also flowed to surface during basement testing, at a concentration of 2.2% hydrogen, over thirty-seven thousand times above background levels
· Wireline logs, including image logs, demonstrated the location of fault and fracture zones and these were used to locate optimal well test intervals
· Downhole fluid samples have been obtained from three separate well test intervals, in the Basement and across the fault zones, all were analysed at surface in an onsite pressure-volume-temperature ("PVT") laboratory and indicated the presence of elevated helium
· Duplicate samples collected from all three well test intervals will be sent to a second laboratory for analysis
· Hot Basement fluids, measuring >80°C, encountered across the fault zone and in the Basement and are consistent with helium and hydrogen prone intervals
· Elevated temperatures consistent with a low enthalpy geothermal system
· The well is now being cased and suspended and the Company will fully evaluate the well results and focus on advancing this project in the most effective way possible
· Non-productive time ("NPT") for the Epiroc Predator 220 drilling rig reduced by over 350% between Tai-3 and Itumbula West-1
· Zero Lost Time Injuries ("LTI") across the two well drilling programme of Tai-3 and Itumbula West-1
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 bringi
I have filtered Neil, I suggest everyone does the same. This board
has been great over the weekend, with some useful posts/links..
Thanks to all who shared their research! But the cross rampers
and trolls will be back tomorrow, filter them IMHO! GLA!
@MediMan
I would agree that there will still be money to be made buying in after news,
but I think your figures are well out.... This is a rare commodity in a market
that is rising significantly... Good luck getting a buy quote at 70% up on Friday's
close...No Chance!! IMHO! We should get a rerate, as this will be a very different
enterprise to the one that traded last week!
What delays Tommy?
SNG said H1 and it is only 4th Feb!!!
You are becoming rather erratic. You told us all to be patient, then announced you
had asked for an update! Then you announced April/May for news so you could
"manage our expectations"..Which are both in H1.... Are you going to suggest
H2 next???
Tommy
Positive news would be that we passed P2 conclusively..
I am not expecting an increase on the start... There may
be interest as the results near, but at the rate we are going that will
be 2025! RM may get the begging bowl out for working capital,
and at this price that would be significant dilution...IMHO!
I think we will get a RNS at 7.00 tomorrow..
The last 5 mins trading on Friday were very odd, strong buying into
the close, but suddenly the price dropped, then the UT was Up..
I did wonder at the time if MM's had a whiff of something and
wanted stock... Then the Noble comments seemed to indicate
news was known and it was good... All speculation but....
HE1 must surely have thought ahead about plans on discovery..??
So if we get confirmation, I would expect detailed RNS
to follow fairly soon after....That is worth holding for!
(Assuming we get good news) We would have a commodity
that is in demand with strong market prices ( Helium)
If we have a Hydrogen play as well !!!! I genuinely think
we could see a GGP type return ! GLA!
Drizzy
"My thoughts are SDRY will do 100-200% next week
Not financial advice"
For all who are not familair with drizzy, he is a notorius day trader,
he posted the above on another board, he will be out if this gets to 60P!
Drizzy
You need to understand how business people operate... They are not interested in shareholder
value. They are ruthless and have seen an opportunity here to strike a distressed stock...
You will blame shorters, but they are the bane of many an investor, they can destroy a stock..
destroy vlaue and aid a cheap takeover.... You will find a bid around 50p here IMHO...
If investors say no thanks, what wil happen???? Sometimes this happens, it is not right
but one of the downsides of shorting being legal!!
Drizzy
No I doubt it will rise on Monday...118% on Friday means many are in huge profit
and there is no guarantee of a deal.... This brand lost its way and customers
have moved on. No deal and this will tank....The news from Friday's RNS is priced
in now IMHO!
Wpa
If SNG can find a Partner for a JV to do a P3 then absolutely we are
looking a £'s if successful. I was talking about P2 results and what
I would take based on that. There is an unmet need and RM needs
to negotiate a JV deal that rewards all of those who took part in the
placing, after all they paid his 100% Bonus and wages for the last few years
and are the reason SNG has funds for thr upcoming trial.... Fingers crossed
someone from the UNIVSERSAL study will back a P3... ATB!
Blubay
I disagree that a discovery RNS would also announce a placing..
That makes no sense, the time to do a placing ,if that is the route
they want to go rather than a JV is when the SP has settled after the
news. This would mean far less dilution and is the sensible way forward.
Any CEO who does a placing before allowing the news to increase the SP
should be sacked... IMHO!!!