RNS 5th of December21 Dec 2023 21:00
"Itumbula prospect: revised well location and drilling programme
Following the positive drilling results from the Tai-3 well, and the increase in concentration of helium encountered in the fault and fractures close to Basement, the Company has subsequently reviewed the geology of the Itumbula prospect. It is bounded by a large, deep seated western fault which extends into the Basement source rock. It is this fault that is interpreted to be associated with the active surface helium seep 3km away.
With the results from Tai-1/-1A and Tai-3 suggesting that it is the migration of fluids that play a crucial role in liberating the helium out of the Basement source and along fractures and faults, the Company has now elected to target the western bounding fault at Itumbula as a primary target. Therefore, the Itumbula well has been designed to directly target this new fault play where the Company anticipates helium concentrations to be significantly elevated.
The Company now expects to spud the Itumbula well in early January 2024; we anticipate the drilling programme to be completed within 30 days."
The company seems to be confident towards the next drill. If they strike a huge amount of Helium, happy days.